The daily Davis Index for rebar in Raipur declined by Rs200/mt ($2.8/mt) and settled at Rs33,200/mt ($465.89/mt) ex-works due to a fall in billet prices and sluggish demand.
Inquiries for rebars did not convert into trades as activity in the construction segment remained sluggish. Rebar manufacturers expect the demand to increase in near term.
The daily index for billet settled at Rs29,150/mt ($409.06/mt) ex-works Raipur on Tuesday, down Rs350/mt ($4.91/mt) on account of fall in pellet sponge and ferrous scrap prices. Billet offers were at Rs29,200/mt, but buyers refused to match these prices. Pellet sponge iron in Raipur was priced at Rs18,500-18,600/mt, down by Rs100-200/mt from Monday.
The daily Davis Index for rebar in Mumbai fell by Rs200/mt to Rs35,200/mt ($493.96/mt) ex-works amid a fall in billet prices. Prices fell despite moderate demand as traders increased their stock.
The daily Davis Index for billets in Mumbai also fell by Rs300/mt ($4.2/mt) to Rs30,900/mt ($433.62/mt) ex-works. Billet offers were at Rs31,000/mt and bids at Rs30,800/mt, but no trades were reported.
The daily Davis Index for ingot decreased by Rs200/mt to Rs31,200/mt ($1.4/mt) ex-works Mandi Gobingarh due to a fall in ferrous scrap prices by Rs100/mt.