The daily Davis Index for rebar on Thursday settled unchanged at Rs31,600/mt ($418.26/mt) ex-works Raipur. Rebar manufacturers have held onto offers since early this week but offered a discount on large volume deals to liquidate inventory. A few deals were reported at around Rs31,200-400/mt del mill with buyers outside the city.

 

The daily index for billet increased by Rs150/mt ($1.98/mt) and settled at Rs27,850/mt ($368.63/mt) ex-works Raipur, driven by a rise in pellet sponge prices and supply crunch. Pellet sponge iron prices were at Rs15,700-15,800/mt ex-works Raipur, up by 100-200/mt from the prior day. Secondary steel mills are hopeful of finished steel prices sustaining in the near term considering the increase in semi-finished steel prices.

 

In Mumbai, the daily Davis Index for rebar settled flat at Rs31,700/mt ($419.58/mt) ex-works amid thinned trading. The index for billets increased by Rs100/mt ($1.32/mt) at Rs27,600/mt ($365.32/mt) ex-works Mumbai. Billet offers were at 27,700/mt and bids were heard at Rs27,400/mt del mill.

 

In Mandi Gobindgarh, the daily index for ingot rose by Rs200/mt ($2.64/mt) to Rs30,700/mt ($406.35/mt) ex-works with a similar rise in scrap prices.

 

($1= Rs75.55)

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