The daily Davis Index for billet in Raipur fell by Rs250/mt ($3.4/mt) at Rs29,650/mt ($403.4/mt) ex-works on Tuesday on low trading activity due to lockdown imposed in the city from Tuesday. Local authorities have allowed steel units to run along with dispatch of goods.
Pellet sponge offers were at Rs19,300-400/mt ex-works, but no deals were heard at these prices. The daily index for rebar remained flat at Rs33,200/mt ($451.7/mt) ex-works Raipur.
In Mumbai, the daily Davis Index for billet in Mumbai fell further by Rs150/mt at Rs30,550/mt ($415.64/mt) ex-works on limited buying. Billet offers were at Rs30,600/mt but buyers preferred to stay away from the dull market. The daily Davis Index for rebar in Mumbai remained unchanged at Rs34,200/mt ($465.3/mt) ex-works.
In Mandi Gobindgarh, the daily index for ingot was also down by Rs200/mt at Rs32,650/mt ($444.21/mt) ex-works in line with fall in scrap prices. The index for rebar was down by Rs100/mt at Rs37,600/mt ($511.56/mt) ex-works on low demand.
In Durgapur, the bi-weekly index for billet dropped by Rs500/mt at 30,700/mt ($417.68/mt) ex-works on Tuesday compared to prior week (Thursday) following sharp fall in rebar prices. The bi-weekly index for rebar plummeted by Rs1,000/mt at 32,300/mt ($439.45/mt) ex-works on sluggish rebar sales.
In Chennai, the bi-weekly index for billet fell by Rs200/mt Rs 31,000/mt ($421.76/mt) and rebar was down by Rs550/mt at Rs 34,950/mt ($475.51/mt). Limited deals were heard at index prices.
In Jalna, the bi-weekly index for billet remained flat at Rs30,400/mt ($413.6/mt) ex-works with limited deals reported. On Tuesday, mills witnessed a substantial price fall in Gujarat market. The bi-weekly index for rebar rose by Rs400/mt at Rs34,200/mt ($465.3/mt) ex-works on healthy demand on Monday which cooled off on Tuesday.
In Gujarat, the bi-weekly index for billet dropped by Rs650/mt to Rs30,300/mt ($412.24/mt) ex-works. Trades significantly improved following prices were dropped by steel mills in Kutch on Monday but on Tuesday trades were almost nil. The bi-weekly index for rebar also fell by Rs400/mt to Rs33,600/mt ($457.14/mt) ex-works.
In Ludhiana, the bi-weekly index for ingot increased by Rs200/mt to Rs 33,100/mt ($450.34/mt) ex-works with a similar rise in local scrap prices.