The daily Davis Index for rebar increased by Rs1,000/mt ($14/mt) Monday to Rs35,100/mt ($491.45/mt) ex-works Mumbai, in line with a rise in input costs and healthy demand from end-users.
Consumption of rebar for housing projects has increased since late last week. Real estate developers expect prices to remain on an uptrend in the near term. Before prices increase further, developers have started increasing their inventories.
The daily Davis Index for secondary billet increased by Rs1,000/mt to Rs31,100/mt ($435.59/mt) ex-works Mumbai, on the back on an increase in domestic and imported ferrous scrap prices by $5-10/mt.
In Raipur, the daily Davis Index for rebar also increased by Rs600/mt ($8.4/mt) to Rs33,300/mt ($466.25/mt) ex-works, following a rise in ingot and billet prices and healthy demand late last week. Trading, however, thinned on Monday.
The daily index for billet increased by Rs650/mt to Rs29,450/mt ($412.34/mt) ex-works Raipur. Pellet sponge prices in Raipur were at Rs18,800-18,900/mt, up by Rs300-400/mt.
The daily Davis Index for ingots in Mandi Gobindgarh increased up by Rs700/mt ($9.8/mt) to Rs31,850/mt ($442.95/mt) ex-works.