The daily Davis Index for billet in Mumbai was marginally up by Rs50/mt ($.68/mt) to Rs30,250/mt ($413.25/mt) ex-works on Thursday due to improvement in trade activity. Billet offers were at Rs30,300/mt and bids at Rs30,200/mt with some deals being reported on Thursday.
Finished rebar market across India was slow for the last few days, but on Thursday witnessed some price upward movement. The index for rebar was up by Rs100/mt ($1.36/mt) at Rs33,800/mt ($461.74/mt) ex-works Mumbai.
In Raipur, the daily Index for billet in Raipur was up by Rs200/mt to settle at Rs29,000/mt ex-works Raipur on Tuesday on better deals. Buyers are still cautious in their approach, doubtful if the uptick in market will sustain or not. The daily index for rebar was flat at Rs32,200/mt ex-works Raipur. Pellet sponge were offered at Rs18,500/mt ex-works, but no takers were heard at these prices.
In Mandi Gobindgarh, the daily Davis Indexes for ingot was up by Rs200/mt and settled at Rs32,200/mt, in line with rise in scrap prices; and for rebar was up by Rs100/mt to Rs37,100/mt ex-works.
In Durgapur, the bi-weekly index for rebar dropped by Rs950/mt ($12.97/mt) to Rs30,650mt ($418.65/mt) ex-works on Thursday from 31,600/mt ($431.668/mt) amid sluggish demand. A few deals were reported at the index price.
The prices on September 30 had dropped by Rs1,000/mt ($13.65/mt), but moving forward, the prices are likely to maintain their uptrend for at least a week, after the manufacturers in the region decided to raise prices. The decision came in the wake of slumping finished steel prices, while raw material prices remained unchanged from September 1 till date. The index for billet dropped by Rs400/mt ($5.46/mt) to Rs28,600 ($390.64/mt) ex-works Durgapur.
In Chennai, the rebar prices maintained a downtrend. The bi-weekly Davis Index for rebar dropped by Rs225/mt ($3.07/mt) to Rs 34,625/mt ($472.94/mt) from Rs34,400/mt ($469.86/mt) with a few deals reported at the index price. The prices are likely to soften in the future amid lack of infrastructure and real estate projects, said manufacturers. The index for billet also dropped by Rs100/mt ($1.36/mt) to Rs30,500/mt ($416.54/mt).
In Jalna, the bi-weekly index for billet was up by Rs100/mt at Rs30,500/mt ex-works. Billet sellers intend to hold prices despite moderate buying as prices are already on the lower side. The bi-weekly index for rebar was firm at Rs33,800/mt ex-works. Mill owners in Jalna shared that rebar demand was healthy on Wednesday compared to Thursday.
In Gujarat, the bi-weekly index for billet rose by Rs300/mt to Rs30,300/mt ex-works. Mills are anticipating better demand in October. The bi-weekly index for rebar remained flat at Rs33,500/mt ex-works.
In Ludhiana, the bi-weekly index for ingot was slightly up by Rs50/mt to Rs 32,700/mt ex-works with a similar movement in local scrap prices.