The daily Davis Index for rebar in Raipur rose by Rs200/mt ($2.64/mt) to Rs33,700/mt ($445.06/mt) ex-works on the back of a rise in ingot and billet prices and low inventories with mills.

 

Trades though slowed on Friday after a spurt in bookings on Thursday from mills in Madhya Pradesh, Uttar Pradesh and Maharashtra.

 

In Raipur, the index for billet increased by Rs200/mt and settled at Rs27,100/mt ($357.89/mt) ex-works. Pellet sponge prices were at Rs15,300-15,400/mt ex-works, up by Rs100-200/mt from the prior day.

 

In Mandi Gobindgarh, the daily index for ingot rose by Rs800/mt ($10.56/mt) at Rs30,650/mt ($404.78/mt) ex-works on a rise in ferrous scrap prices and limited availability of semi-finished steel.

 

In Mumbai, the Davis Index for rebar remained unchanged at Rs34,300/mt ($452.98/mt) ex-works. Thin trades were recorded.The index for billet fell by Rs100/mt ($1.32/mt) to Rs28,350/mt ($374.4/mt) ex-works.

 

The stimulus package announced by the Indian Prime Minister has been hailed by steelmakers like Sail. Chairman of the PSU Anil Kumar Chaudhary stated the package will enable industrial activities to regain momentum. Infrastructure was one of the major five pillars stressed upon by Modi in his strategy for self-reliant India, which could boost steel demand.

 

($1= Rs75.72)

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