The daily Davis Index for billet in Mumbai fell by R150/mt ($2/mt) and settled at Rs29,350/mt ($392.9/mt) ex-works Mumbai. Billet offers were at Rs29,400/mt and bids at Rs29,300/mt, but no deals were reported. Billet prices in the domestic market dropped on Wednesday after trending up for the last one week.
The daily Davis Index for rebar in Mumbai remained flat on Wednesday to settle at Rs32,200/mt ex-works. The demand for rebar slowed and no major orders were reported. Steel mills in Mumbai are confident that rebar prices will remain steady in the near term.
In Raipur, the daily index for billet Wednesday fell by Rs250/mt to Rs29,050/mt ($388.88/mt) ex-works. Pellet sponge iron prices were at Rs17,500-17,700/mt ex-works, down by Rs100-200/mt. Sponge offers in Central India are still higher, but no major deal concluded at higher prices.
The daily Davis Index for rebar remained unchanged at Rs32,200/mt ex-works Raipur. Manufacturers continue to hold rebar offers, but buyers stayed away from the market as the local government extended COVID-19-related lockdown till August 8.
In Mandi Gobindgarh, the daily index for ingot fell by Rs150/mt to Rs31,300/mt ex-works with a similar rise in scrap prices. The daily index for rebar settled flat at Rs36,450/mt ex-works Mandi Gobindgarh.