The daily Davis Index for rebar in Mumbai settled flat at Rs35,100/mt ($490.22/mt) ex-works. Rebar manufacturers refused to lower offers hoping trades will pick up in the near term.
The daily Davis Index for billet in Mumbai settled at unchanged at Rs31,250/mt ($436.45/mt) ex-works. Billet offers were at Rs31,300/mt and bids were at Rs31,200/mt. Few deals were reported.
The daily Davis Index for rebar in Raipur fell by Rs200/mt ($2.79/mt) and settled at Rs33,400/mt ($466.48/mt) ex-works as buyers stayed away from bookings. In Raipur, manufacturers had increased the gauge parity on Tuesday by Rs500/mt ($6.98/mt). Buyers, however, were not keen on trades at those levels.
The daily index for billet remained unchanged at Rs29,000/mt ($405.02/mt) ex-works Raipur. Pellet manufacturers increased their offers by Rs100-200/mt to Rs18,500-18,600/mt but no deals were reported at those higher levels.
The daily Davis Index for ingot in Mandi Gobindgarh increased by Rs200/mt to Rs31,550/mt ($440.64/mt) ex-works due to increase in ferrous scrap prices.