The daily Davis Index for billet dropped by Rs150/mt ($2.03/mt) to settle at Rs28,800/mt ($390.24/mt) ex-works Raipur on Tuesday with limited deals. A steel mill operator in Raipur shared that market for finished steel rebar is still experiencing subdued trading activity. He said rebar prices are also under pressure due to uncertainty in the market.
The daily index for rebar fell by Rs300/mt and settled at Rs32,300/mt ex-works Raipur on sluggish demand. Pellet sponge are offered at Rs18,500-18,600/mt ex-works, but no takers were heard at these prices.
In Mumbai, the daily Davis Index for billet marginally fell by Rs50/mt to Rs30,150/mt ex-works. Improvement in scrap availability is putting pressure on billet prices. The index for rebar remained unchanged at Rs33,500/mt ex-works Mumbai with limited trades.
In Mandi Gobindgarh, the daily Davis Indexes for ingot fell by Rs150/mt at Rs31,950/mt ex-works in line with fall in local scrap prices and for rebar fell by Rs100/mt to Rs37,000/mt ex-works.
In Durgapur, the bi-weekly index for rebar dropped by by Rs300/mt ($4.064/mt) to Rs31,600mt ($428.16/mt) ex-works on Tuesday from 31,900/mt ($432.22/mt) in the prior week amid sluggish demand. A few deals were reported at the index price.
Manufacturers reported negative outlook for finished steel’s demand in the near future. The index for billet dropped by Rs900/mt ($12.1/mt) to Rs29,000 ($392.8/mt) ex-works Durgapur.
In Chennai, the rebar prices remained on a downtrend. The bi-weekly Davis Index for rebar dropped by Rs300/mt ($4.06/mt) to Rs 34,400/mt ($466.02/mt) on Tuesday from Rs34,700/mt ($470.08/mt) last week, with deals reported at the index price. The index for billet also dropped by Rs200/mt ($2.70/mt) to Rs30,600/mt ($414.54/mt).
In Jalna, the bi-weekly index for billet was up by Rs200/mt at Rs30,400/mt ex-works on Tuesday due to lower availability of material. The bi-weekly index for rebar fell by Rs500/mt at Rs33,800/mt ex-works. Mill owners in Jalna shared that rebar demand was healthy on Monday compared to Tuesday.
In Gujarat, the bi-weekly index for billet fell by Rs300/mt to Rs30,000/mt ex-works on fewer deals at index price. The bi-weekly index for rebar remained flat at Rs33,500/mt ex-works. Mill operators reported many enquiries at lower prices and expect orders to pour in from next month.
In Ludhiana, the bi-weekly index for ingot fell by Rs650/mt to Rs 32,650/mt ex-works with a similar decline in local scrap prices.