The daily Davis Index for billet increased in Raipur on Tuesday by Rs550/mt ($7.33/mt) to settle at Rs29,050/mt ($387.23/mt) ex-works after prices of finished steel including rebar increased. Pellet sponge iron prices continued to maintain upwards trend at Rs18,100-18,200/mt ex-works, up by Rs200-300/mt.
The daily Davis Index for rebar also increased by Rs200/mt ($2.66/mt) and settled at Rs32,600/mt ($434.55/mt) ex-works Raipur. Steel mills stated that demand of rebar was quite healthy on Monday but after prices increased, trade activity softened on Tuesday. Market participant are concerned whether recent price hike in the domestic market will sustain or not.
In Mumbai, the daily Davis Index for rebar increased by Rs200/mt and settled at Rs32,700/mt ($435.88/mt) ex-works. The daily Davis Index for billet rose by Rs200/mt to Rs29,400/mt (391.89/mt) ex-works Mumbai. Billet offers were Rs29,500/mt and bid at Rs29,300/mt but no deal was reported.
In Mandi Gobindgarh, the daily index for ingot increased by Rs350/mt ($4.66/mt) and settled at Rs31,850/mt ($424.55/mt) ex-works on similar rise in scrap prices. The daily index for rebar also increased by Rs300/mt at Rs36,950/mt ($491.35/mt) ex-works.
In Durgapur, the bi-weekly index for rebar on Tuesday increased by Rs1,283/mt ($17.10/mt) to Rs32,233/mt ex-works from ($429.7/mt) recorded on Thursday last week with deals concluding at the index price. Manufacturers anticipate that the market will maintain its uptrend in coming months. The West Bengal government has extended the bi-weekly lockdown till August 31 to curb COVID-19 which could impact the demand for rebar.
The index for billet rose by Rs292/mt ($3.89/mt) to Rs29,167 ($388.6/mt) ex-works Durgapur.
In Chennai, the bi-weekly Davis Index for rebar dropped marginally on Tuesday by Rs150/mt ($1.99/mt) to Rs34,725 ($462.8/mt) ex-works from the prior week. A few deals were reported at the index price. The index for billet rose by Rs100 ($1.33/mt) to Rs30,225/mt ($402.8/mt) ex-works Chennai.
In Jalna, the bi-weekly index for rebar up by Rs300/mt ($4/mt) at Rs 33,600/mt ($447.88/mt) ex-works from the prior index price recorded on Thursday last week. Billet prices were also up by Rs300/mt at Rs30,200/mt ($402.55/mt) ex-works.
In Gujarat, the bi-weekly index for rebar fell by Rs700/mt ($9.33/mt) to Rs 33,550/mt ($447.21/mt) ex-works from the prior index price. The index for billet was up by Rs700/mt to Rs30,550/mt ($407.22/mt) ex-works.
In Ludhiana, the bi-weekly index for ingot was up by Rs550/mt ($7.33/mt) at Rs 32,050/mt ($427.21/mt) ex-works from the previous index.