The daily Davis Index for rebar in Mumbai remained unchanged at Rs34,300/mt ($453.40/mt) ex-works on Tuesday as demand from construction and infrastructure sectors failed to pick up. Trading activity in the steel rebar market across Mumbai remained slow even as the state government eased restriction on construction activities. The daily index for billet was flat at Rs28,500/mt ($376.73/mt) ex-works Mumbai.
Major national infrastructure projects are expected to start from June, according to industry leaders. In Delhi, the government allowed resumption of construction activity on Monday. This move as relieved real estate developers and builders. A restart of construction would generate demand for finished steel products like rebar and other steel items including structural, pipes and beams. In Mandi Gobindgarh, the daily index for ingot fell by Rs300/mt ($3.96/mt) at Rs30,200/mt ($399.20/mt) ex-works due to similar fall in scrap prices amid low demand.
In Raipur, the daily Davis Index for rebar remained flat at Rs34,100/mt ($450.75/mt) ex-works. Steel manufacturers are hopeful that prices will remain stable until the start of monsoon.
The index for billet fells by Rs200/mt ($2.64/mt) and settled at Rs26,900/mt ($355.58/mt) ex-works Raipur in line with the fall in pellet sponge prices. Pellet sponge prices were at Rs15,200-15,300/mt ex-works Raipur, down by Rs100-200/mt from the prior day.
($1= Rs75.65)