Steel manufacturers are anticipating demand to rise in the near term from affordable housing projects in rural areas. Large-scale infrastructure projects in metro cities, however, remain stalled.
The daily Davis Index for rebar in Raipur remained flat at Rs34,100/mt ($450.75/mt) ex-works. The index for billet rose by Rs250/mt ($2.64/mt) and settled at Rs27,150/mt ($355.58/mt) ex-works amid limited availability. Billet offers were at Rs27,200/mt and bids at Rs27,100/mt, hence no deals were reported. Pellet sponge prices were at Rs15,200-15,300/mt ex-works Raipur, unchanged from the prior day.
In Mandi Gobindgarh, the daily index for ingot increased by Rs350/mt ($3.96/mt) at Rs30,550/mt ($399.20/mt) ex-works due to increase in ferrous scrap prices. Steel mills in Punjab are running at 40-50pc capacity utilization.
In Mumbai, the daily Davis Index for rebar remained unchanged at Rs34,300/mt ($453.40/mt) ex-works with limited deals reported. The daily index for billet was flat at Rs28,500/mt ($376.73/mt) ex-works Mumbai.