The daily Davis Index for rebar decreased by Rs200/mt ($2.8/mt) to Rs33,700/mt ($472.71/mt) ex-works Raipur, in line with a fall in billet and pellet sponge prices. Rebar manufacturers are concerned about prices falling further given weak demand for the product.
The daily index for billets settled at Rs29,650/mt ($415.9/mt) ex-works Raipur, on Tuesday, down by Rs300/mt ($4.2/mt) on account of a drop in pellet sponge prices. Pellet sponge iron price Raipur was at Rs19,100-19,200/mt, down by Rs200-300/mt.
The Davis Index for rebar fell by Rs200/mt to Rs36,000/mt ($504.97/mt) ex-works Mumbai, due billet and scrap prices also dropping by Rs200-300/mt.
Manufacturers are waiting for the Union budget on Feb 1, when new infrastructure projects are likely to be announced.
The daily Davis Index for billets in Mumbai falls by Rs350/mt to Rs31,700/mt ($4.9/mt) ex-works. Billet offers were at Rs31,800/mt and buyers were at Rs31,600/mt, but no deal has been reported.
The daily Davis Index for ingot at Mandi Gobindgarh decreased by Rs400/mt ($5.61/mt) to Rs31,850/mt ($446.76/mt) ex-works on a fall in ferrous scrap prices by Rs200/mt.
($1= Rs71.29)