The daily Davis Index for rebar Wednesday remained flat at Rs30,400/mt ($405.22/mt) ex-works Raipur. Secondary manufacturers in Central India continue to hold rebar offers despite weak demand.
The spread between ingot and billets to finished steel has narrowed with a rise in prices for the former. Finished steel prices, however, are under pressure due to lack of sales.
The daily Davis Index for billet increased in Raipur by Rs250/mt ($3.33/mt) at Rs27,250/mt($363.23/mt) ex-works in line with rise in pellet sponge prices which were at Rs15,700-15,800/mt ex-works Raipur, up byRs100/mt.
In Mumbai, the daily Davis Index for rebar Wednesday was unchanged at Rs30,800/mt ($410.55/mt) ex-works. Trades thinned across Maharashtra. Construction activities are hit due to labour shortage in spit of relaxation in lockdown guidelines, said market participants.
The daily Davis Index for billets in Mumbai remained flat and settled at Rs27,000/mt ($359.9/mt) ex-works. A few deals were reported at Rs27,000/mt.
In Mandi Gobindgarh, the daily Davis index for ingot declined by Rs200/mt ($2.69/mt) to Rs30,100/mt ($401.22/mt) ex-works as heavy rain disrupted trades and supply of finished steel products.