Steel mills are offering discounts to stimulate rebar sales. The daily Davis Index for rebar Thursday remained unchanged at Rs30,800/mt ($402.34/mt) ex-works Mumbai amid thin trades. Few deals closed at around Rs30,500-30,600/mt.
The daily Davis Index for billets rose by Rs100/mt ($1.33/mt) to settle at Rs27,100/mt ($361.04/mt) ex-works Mumbai.
In Mandi Gobindgarh, the daily index for ingot increased by Rs150/mt ($1.99/mt) to Rs30,250/mt ($403.01/mt) ex-works owing to a similar movement in scarp prices.
The central Indian markets were quiet on Thursday as traders and stockist adopted a wait and watch mode as rains have dampened consumer sentiments in the regions. The daily Davis Index for rebar Thursday remained flat and settled at Rs30,400/mt ($405/mt) ex-works Raipur. Rebar prices in the secondary market are at Rs30,200-30,800/mt depending on manufacturers. Mills are shelling out discount according to purchase quantity and payment conditions. No major deals were reported.
The daily index for billet fell in Raipur by Rs50/mt ($.66/mt) to Rs27,200/mt ($362.37/mt) ex-works. Pellet sponge iron prices were at Rs15,700-15,800/mt ex-works Raipur, unchanged from Wednesday.