The Davis Index for rebar in Raipur fell by Rs200/mt to Rs31,300/mt ($412.41/mt) ex-works from Friday. Rebar sellers offered a discount of Rs200/mt as they struggled with high inventory and lack of demand. Mills pin their hope on revival of the infrastructure and real estate sectors. Limited deals were reported at Rs31,300/mt.
Secondary mills in Raipur are planning to restart operation soon. A few integrated plants like Prakash Industries, Sarda Energy & Minerals and Godawari Power & Ispat have already resumed operations in the previous week. The daily index for billet also remained flat at Rs26,500/mt ($347.90/mt) ex-works Raipur.
In Mumbai, the daily index for rebar remained unchanged and settled at Rs33,400/mt ($437.28/mt) as markets continue to remain shut. The index for billet settled unchanged at Rs28,700/mt ($376.78/mt) ex-works.
In Mandi Gobindgarh, the daily Davis Index for ingot remained unchanged at Rs29,800/mt ($391.23/mt) ex-works.