The daily Davis Index for rebar in Raipur rose by Rs200/mt ($2.66/mt) and settled at Rs31,200/mt ($415.66/mt) ex-works. High volume rebar sales were reported as traders took advantage of a dip in prices. In March, rebar prices in this region have fallen by almost Rs2,000/mt.
The daily index for billet rose by Rs200/mt and settled at Rs26,550/mt ($353.71/mt) ex-works Raipur due to rise in pellet sponge prices. Pellet sponge iron prices were Rs17,000-17,100/mt.
In Mumbai, a significant fall in demand pushed rebar manufacturers to cut prices. Mumbai city will be under a partial lockdown from Friday midnight until March 31. All non-essential activities have been shut in and around Mumbai. In response to this, rebar manufacturers may shut down units in Wada, Maharashtra for the next few weeks as their inventory levels peak.
The daily Davis Index for rebar fell by Rs300/mt in-line with a fall in billet prices and settled at Rs33,400/mt ($444.97/mt) ex-works Mumbai. The daily Davis Index for billet in Mumbai fell by Rs350/mt and settled at Rs28,750/mt ($383.02/mt) ex-works.
In Mandi Gobindgarh, the daily index for ingot has increased by Rs550/mt ($7.32/mt) to Rs29,950/mt ($399.01/mt) ex-works as ferrous scrap prices moved up by Rs400/mt. Mills in Mandi spurt trade as they stocked up raw material amid fear of COVID-19 lockdown.
($1= Rs75.06)