The daily Davis Index for rebar remained unchanged at Rs34,300/mt (452.26/mt) ex-works Mumbai with limited trades. The daily index for billet also was flat to Rs29,500/mt ($388.97/mt) ex-works. Billet offers were at Rs29,600/mt and bids at Rs29,400/mt ex-works, thus no deals were reported. Finished steel prices are expected to stay flat or move up in the near term due to a rise in imported ferrous scrap offers by $5-10/mt.
The Davis Index for rebar in Raipur settled flat at Rs35,700/mt (470.72/mt) ex-works. Trades were thin for the last two days as buyers are not keen to purchase at present prices. Mills, however, held onto offers as they expect government spending on infrastructure projects to rise spurring demand.
The index for billet fell by Rs50/mt ($0.65/mt) and settled at Rs28,900/mt($381.06/mt) ex-works Raipur. Sponge and ferrous scrap prices in the region remained unchanged. Pellet sponge iron was priced at Rs16,300-16,400/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot settled flat at Rs31,150/mt ($410.73/mt) ex-works due to limited trade activities. Steel mills across Punjab are running at 50pc due to subdued demand and limited workforce.
A rebar mill in Mandi Gobindgarh is heard to have booked billets at Rs28,300/mt ex-works Raigarh (Central India).