The daily Davis Index for rebar in Mumbai was up by Rs300/mt ($4.07/mt) at Rs36,300/mt ($492.53/mt) ex-works on Tuesday from last Friday. However, demand is weak at increased prices and while bookings are rare for the higher priced products. The index for billet in Mumbai, however, fell by Rs100/mt ($1.35/mt) at Rs32,600/mt ($442.33/mt) ex-works with limited deals.
In Raipur, the daily Davis Index for billet moved up by Rs450/mt at Rs31,550/mt ex-works on Tuesday on continuous rise in Sponge iron prices. Some billet deals were reported at Index price. Pellet Sponge offers were at Rs21,600/mt with few takers at increased prices.
The daily Index for rebar rose by Rs300/mt at Rs34,100/mt ex-works Raipur, however, buying activity was sluggish at increased prices on Tuesday. Mills are bound to raise rebar prices due to cost pressure and strongly feel that recent price hike will not be accepted in the market in the short run.
In Mandi Gobindgarh, the daily Davis Index for ingot was up by Rs150/mt at Rs33,900/mt on rise in scrap prices. The index for rebar was up Rs100/mt at Rs38,500/mt ex-works.
In Durgapur, the bi-weekly index for rebar was up by Rs600/mt to Rs32,600mt ex-works with limited buying at higher prices. The spike in Sponge iron and scrap prices is hurting the margins. The index for billet rose by Rs300/mt to Rs31,100/mt ex-works on rise in Sponge iron prices.
In Chennai, the bi-weekly Davis Index for rebar surged by Rs1,375/mt at Rs 36,500/mt ex-works in line with the rise in billet prices while the index for billet was up by Rs1,300/mt to Rs32,500/mt.
In Jalna, the bi-weekly index for billet was up by Rs800/mt to Rs32,550/mt ex-works due to rise in local scrap prices. The index for rebar was up by Rs200/mt at Rs35,600/mt ex-works, however, demand is moderate.
In Gujarat, the bi-weekly index for billet was up by Rs400/mt to Rs33,100/mt ex-works following rise in rebar prices. The bi-weekly index for rebar was up Rs350/mt at Rs36,300/mt ex-works. A rebar mill operator in Ahmedabad informed that rebar demand has slipped across Gujarat.
In Ludhiana, the bi-weekly index for ingot was up by Rs500/mt at Rs 34,300/mt ex-works.