Rebar prices in Mumbai dropped by around Rs4,000/mt ($54.86/mt) in the last four days in the secondary market on sluggish demand amid a sharp fall in imported scrap prices.
The daily Davis Index for rebar in Mumbai, Friday, dropped by Rs1,000/mt ($13.71/mt) to Rs43,000/mt ($589.84/mt) ex-works from Thursday due to weak demand. The drop in prices is also attributed to a fall in imported scrap prices by around $50-60/mt.
In the secondary market, prices of ingots and billets fell by Rs4,000/mt this week. On Friday, the daily index for billet in Mumbai dropped by Rs300/mt ($4.11/mt) to settle at Rs36,300/mt ($497.94/mt) ex-works. Billet offers heard at Rs36,400/mt and bid at Rs36,200mt.
In Raipur, the daily Index for billet, Friday, dropped by Rs300/mt to Rs35,500/mt ex-works amid limited buying. After prices dropped, many buyers enquired for billet indicating limited downside, said market participants. However, finished demand remains weak, they added.
Pellet Sponge traded at Rs24,000/mt ex-works Raipur, while the index for rebar dropped by Rs700/mt to Rs42,000/mt ex-works Raipur with limited takers.
In Mandi Gobindgarh, the daily index for ingot remained flat at Rs36,200/mt amid a scarcity of scrap in the domestic market.
($1=Rs72.98)