The daily Davis Index for rebar Tuesday fell by another Rs500/mt ($6.67/mt) and settled at Rs30,800/mt ($411.34/mt) ex-works Mumbai due to sluggish demand amid ongoing monsoon.
A few primary players, including RINL or Vizag steel have reduced rebar prices by Rs1,000-1,500/mt ($13-20/mt) in southern India for July deliveries to boost sales amid weak demand in domestic as well as overseas markets, state market participants.
The daily Davis Index for billets fell by Rs300/mt ($4/mt) and settled at Rs27,100/mt ($361.91/mt) ex-works Mumbai on the back of a fall in rebar prices.
In Raipur, the daily Davis Index for rebar fell by Rs100/mt (1.35/mt) and settled at Rs30,400/mt ($405.98/mt) ex-works Raipur. Rebar manufacturers have held onto offers for the last few days despite buyers shying away from those prices. Some traders even sold material at loss to clear the piled-up inventory.
The daily index for billet was flat in Raipur at Rs27,000/mt($360.57/mt) ex-works. Billet offers were at Rs27,100/mt and bids at Rs26,900/mt. Pellet sponge iron prices were at Rs15,600-15,700/mt ex-works Raipur, down by Rs100-200/mt.
In Mandi Gobindgarh, the daily index for ingot rose by Rs150/mt ($2/mt) to Rs30,300/mt ($404.64/mt) ex-works with a slight recovery in finished steel demand.