The daily Davis Index for rebar in Mumbai rose by Rs200/mt ($2.78/mt) to settle at Rs35,300/mt ($491.64/mt) ex-works, driven by a rise in billet prices.
Traders cited better demand in Mumbai compared to other parts of Maharashtra. The state capital at present has multiple ongoing affordable housing projects.
The daily Davis Index for billet in Mumbai rose by Rs200/mt to Rs31,400/mt ($437.32/mt) ex-works on increased domestic scrap prices. Deals were reported at Rs31,400/mt.
The daily Davis Index for rebar in Raipur was unchanged at Rs33,200/mt ($462.39/mt) ex-works. For a second successive day, rebar offers remained lower by Rs200/mt than the bids. Prices remained flat despite a rise in semi-finished steel prices.
Supply of sponge iron, ingots and billets from the neighbouring Raigarh district, which faced power failure, declined. This drove billet prices up in Raipur with its daily index increasing by Rs150/mt ($2.08/mt) to Rs29,500/mt ($410.86/mt) ex-works. Pellet sponge iron in Raipur was priced at Rs18,800-18,900/mt, up by Rs100-200/mt from Monday.
The daily Davis Index for ingot in Mandi Gobindgarh rose by Rs100/mt to Rs31,850/mt ($443.59/mt) ex-works fuelled by increased ferrous scrap prices.