The Davis Index for billet in Raipur rose by Rs400/mt ($5/mt) to Rs42,600/mt ($575/mt) ex-works on Monday from Friday as sellers raised offers to improve their margin. This, despite a low demand at increased prices.
Secondary steel mills state that rebar demand continued to remain dull with very few deals in the last few days. The easing of lockdown restrictions has also failed to bolster demand, defying mills’ expectations.
Offers for pellet sponge were firm at Rs30,700/mt ($414/mt) ex-works despite buyers resisting these price levels. The daily index for rebar remained flat at Rs45,500/mt ($614/mt) ex-works Raipur on sluggish sales.
In Mumbai, the daily index for billet was unchanged at Rs43,000/mt ex-works, while the index for rebar fell by Rs300/mt to Rs46,700/mt ex-works due to high inventories and weak sales.
In Mandi Gobindgarh, the daily index for ingot was unchanged at Rs44,500/mt ex-works.