The daily Davis Index for billet in Raipur fell by Rs600/mt ($8.19/mt) to Rs39,500/mt ($539.61/mt) ex-works on Tuesday. Ingot and billet buyers showed interest after market fell and many deals were struck in the second half of the day.
Pellet Sponge offers were at Rs26,000/mt ($355.19/mt) ex-works Raipur with limited takers as most furnaces are using more scrap than Sponge due to high price. The index for rebar dropped by Rs1,000/mt ($13.66/mt) to Rs44,300/mt ($605/mt) ex-works on sluggish demand. However, steelmakers still believe rebar demand is likely to pick up in the coming days when market stabilizes.
In Mumbai, the daily Index for billet dropped by Rs900/mt to Rs40,500/mt ex-works with limited deals. The index for rebar slipped by Rs1,000/mt to Rs46,900/mt as rebar sales improved after the price drop.
In Mandi Gobindgarh, the daily index for ingot dropped by Rs400/mt to Rs39,600/mt, in line with fall in local scrap prices. Mandi ingot opened at around Rs39,300-39,400/mt in the morning but soon after Supreme Court’s statement about the issue of farms laws, local market saw some upwards movement.
In Duragpur, the bi-weekly index for billet fell by Rs600/mt to Rs39,800/mt on Tuesday compared to last Thursday, while rebar fell by Rs700/mt to Rs44,500/mt.
In Jalna, the bi-weekly index for billet dropped by Rs900/mt to Rs39,800/mt on Tuesday with hardly any buyers, while rebar fell by Rs200/mt to Rs48,800/mt.
In Ludhiana, the bi-weekly index for ingot dipped by Rs600/mt to settle at Rs 40,600/mt ex-works in sync with local scrap prices.