Rebar prices broke their downtrend on Thursday, after they declined by a total of Rs1,000/mt early this week. The daily Davis Index for rebar rose by Rs400/mt ($5.61/mt) and settled at Rs36,200/mt ($507.78/mt) ex-works in Mumbai driven by rise in billet prices.
The daily Davis Index for billet rose by Rs700/mt ($9.81/mt) and settled at Rs32,000/mt ($448.87/mt) ex-works Mumbai fuelled by a supply crunch and increased ferrous scrap prices. Supply to Wada mills fell as demand in Silvassa and Nasik strengthened. Producers thus opted to sell billets in local market for a better realisation.
The daily index for ingot increased by Rs500/mt settled at Rs31,950/mt ($448.16/mt) ex-works Mandi Gobindgarh which gave prices of ingots in other markets a lift.
The Davis Index for rebar rose by Rs500/mt ($7.01/mt) and settled at Rs33,500/mt ($469.91/mt) ex-works Raipur with a rise in pellet sponge iron and billet prices by Rs400-500/mt. The daily index for billets settled at Rs29,500/mt ($413.8/mt) ex-works Raipur, up by Rs500/mt.
Pellet sponge iron was priced at around Rs19,400-19,500/mt ex-works Raipur.