The Davis Index for rebar in Raipur, Chattisgarh, fell by Rs100/mt (1.32/mt) on Thursday, to settle at Rs35,100/mt (464.53/mt) ex-works. Rebar mills continued to hold offers at around Rs35,200/mt with no takers at higher prices.
As per market participants, traders are selling rebar at around Rs35,000-35,100/mt to states like Madhya Pradesh, Maharashtra and Uttar Pradesh. With primary Indian mills increasingly export-driven in the short-term, given that domestic demand still has to pick up, secondary mills are living in the hope of the domestic market reviving. However, with the monsoon about to begin in India, construction activities are only going to slow down.
The index for billet fell by Rs100/mt ($1.32/mt) and settled at Rs29,000/mt ($383.80/mt) ex-works Raipur, this on account of a fall in local scrap prices by Rs100-200/mt. Pellet sponge iron prices remain at around Rs16,200/mt ex-works Raipur.
In Mumbai, the daily Davis Index for rebar remained unchanged at Rs34,300/mt (453.94/mt) ex-works with limited trades.
The daily index for billet also remained unchanged at Rs29,550/mt (390.41/mt) ex-works Mumbai.
In Mandi Gobindgarh, the daily index for ingot is up by Rs150/mt ($1.98/mt) to Rs31,450/mt ($416.22/mt) ex-works, on a similar increase in ferrous scrap prices driven by export demand for Indian finished steel.
($1= Rs75.56)