Rebar prices in Mumbai continued on uptrend as local scrap and billet prices increased.
The daily Davis Index for rebar in Mumbai rose by Rs700/mt ($10/mt) at Rs50,500/mt ($680/mt) ex-works on Tuesday from Friday. The index for billet was up by Rs700/mt at Rs45,700/mt ($615/mt) ex-works.
On Monday, secondary rebar mills in Mumbai revised their new gauge parity and increased prices by Rs200/mt for all sizes with effect from August 16. The new parity stands now for 10 to 25mm at Rs3,900/mt and 8 and 32mm at Rs4,400/mt. Demand for rebar was healthy on Monday but declined today after prices increased, the mills shared.
In Raipur, the daily index for billet was up by Rs300/mt at Rs43,600/mt on Monday from Friday amid high sponge iron prices. The index for rebar was up by Rs300/mt at Rs45,800/mt ex-works.
Pellet sponge prices stayed at Rs32,200/mt ($…/mt) ex-works Raipur but buyers remained limited prices surged.
In Mandi Gobindgarh, the daily index for ingot was up by Rs500/mt at Rs46,000/mt ex-works in-line with rise in local scrap prices.
In Chennai, the bi-weekly index for billet and rebar remained unchanged at Rs43,500/mt and Rs47,500/mt respectively on Tuesday as compared to last week.