The daily Davis Index for rebar in Mumbai fell by Rs200/mt ($2.8/mt) to Rs34,900/mt ($490/mt) ex-works. Trades were limited despite manufacturers reducing offers to liquidate inventories. Rebar producers expect steel demand to rise in the near term as many housing projects for flats costing Rs10-15mn are in the pipeline.
The daily Davis Index for billet in Mumbai remained flat at Rs30,900/mt ($433.86/mt) ex-works.
Rebar manufacturers in Raipur increased their prices even though traders stayed away from bookings. The price increase was largely driven by a high input cost. The daily Davis Index for rebar in Raipur inched up by Rs100/mt to settle at Rs33,300/mt ($467.56/mt) ex-works.
The daily index for billet remained flat and settled at Rs29,100/mt ($408.59/mt) ex-works Raipur on Wednesday.
Pellet sponge iron in Raipur was priced at Rs18,800-19,000/mt, up by Rs100-200/mt from Tuesday.
The daily Davis Index for ingot increased by Rs200/mt to Rs31,200/mt ($438.07/mt) ex-works Mandi Gobingarh due to a marginal increase in ferrous scrap prices.
Primary steel mills in India increased their rebar prices by Rs1000/mt ($14.04/mt) for February deliveries as its supply tightened. The price rise was also driven by increased input cost. Domestic iron ore prices rose by Rs500-600/mt last month.