The daily Davis Index for billet in Mumbai increased by Rs200/mt ($2.72/mt) at Rs32,000/mt ($435.96/mt) ex-works on Tuesday following increase in rebar prices but no deals have been confirmed at higher prices. The index for rebar was up by Rs200/mt to settled at Rs35,500/mt ($483.65/mt) ex-works. Market players are anticipating prices to move up or remain stable in the coming days supported by demand for finished steel including rebar.
In Raipur, the daily index for billet stayed flat at Rs30,500/mt ($416.09/mt) ex-works on higher Sponge iron prices. Pellet Sponge prices were at Rs20,000/mt ex-works while the index for rebar remained unchanged at Rs33,200/mt ex-works on limited buying. Few mill operators in Central India shared that buyers were silent on Tuesday after healthy trading on Monday.
In Mandi Gobindgarh, the daily Davis Index for ingot fell by Rs100/mt at Rs33,200/mt. The index for rebar remained unchanged at Rs37,800/mt ex-works.
In Chennai, the bi-weekly Davis Index for rebar dropped by Rs375/mt ($5.105/mt) to Rs 35,125/mt ($478.19/mt) ex-works on Tuesday from Rs35,500/mt ($483.2/mt) on last Thursday. A few deals were reported at the index price. Manufacturers cited sluggish demand for finished steel due to torrential rain in the region, leading to disruptions in logistics. The index for billet dropped by Rs150/mt ($2.04/mt) to Rs31,350/mt ($426.8/mt).
In Durgapur, the bi-weekly Davis Index for rebar rose marginally by Rs75/mt ($1.02/mt) to Rs32,200mt ($438.35/mt) ex-works on Tuesday with a few deals reported at the index price. The index for billet dropped by Rs325/mt ($4.42/mt) to Rs30,300/mt ($412.4/mt) ex-works Durgapur.
In Jalna, the bi-weekly index for billet was up by Rs200/mt flat to Rs31,500/mt ex-works in line with rise in rebar prices. The index for rebar was up by Rs200/mt at Rs35,000/mt ex-works on healthy demand.
In Gujarat, the bi-weekly index for billet jumped by Rs400/mt to Rs32,400/mt ex-works with healthy booking witnessed on Monday but not so much on Tuesday. The bi-weekly index for rebar increased by Rs500/mt Rs35,500/mt ex-works. A rebar mill operator in Ahmedabad citied that demand was surprisingly good after a long time, but it needs to be seen whether it will sustain or not.
In Ludhiana, the bi-weekly index for ingot was flat at Rs 33,700/mt ex-works.