Rebar market in Mumbai indicated a bearish trend due to the ongoing monsoons, upcoming festive season, and liquidity concerns because of piled up inventory.
The daily Davis Index for rebar in Mumbai fell by Rs300/mt ($4/mt) to Rs47,700/mt ($653/mt) ex-works Mumbai on Friday in-line with the fall in billet prices. Rebar prices decreased by Rs1,100/mt ($15/mt) through the week. The index for billet declined by Rs300/mt to Rs43,000/mt ($589/mt).
Meanwhile, primary mills like SAIL, RINL and JSW Steel have kept rebar prices flat for September deliveries, while JSPL slashed prices by Rs500/mt ($7/mt) which were higher than average market prices.
In Raipur, the daily index for billet and rebar was down by Rs200/mt at Rs41,600/mt and Rs44,600/mt ex-works respectively.
Pellet sponge prices remained flat at Rs29,900/mt ex-works Raipur with limited takers.
In Mandi Gobindgarh, the daily index for ingot was down by Rs200/mt to Rs44,600/mt ex-works in line with a dip in local scrap prices.