The daily Davis Index for rebar in Raipur rose by Rs200/mt ($2.79/mt) and settled at Rs33,400/mt ($466.28/mt) ex-works. Rebar manufacturers raised their offers amidst high input cost, but trades dipped at those levels. Few traders, however, who looked to liquidate inventories sold rebar at prices lower by Rs200-300/mt from manufacturers’ offers.
The daily index for billet settled unchanged at Rs29,500/mt ($411.83/mt) ex-works Raipur. Pellet sponge iron prices in Raipur were at Rs18,500-18,600/mt, marginally down by Rs100/mt from the prior day.
In Mumbai, the daily Davis Index for rebar increased by Rs200/mt to settle at Rs35,500/mt ($495.6/mt) ex-works driven by an increase in billet prices. Buying activity dipped on Wednesday after active bookings reported on Tuesday at Rs35,000-35,200/mt.
The daily Davis Index for billet in Mumbai rose by Rs150/mt ($2.09/mt) and settled at Rs31,550/mt ($440.45/mt) ex-works. Offers were at Rs31,600/mt and bids at Rs31,500/mt, thus no deals were reported.
The daily index for ingot in Mandi Gobindgarh increased by Rs100/mt to Rs31,950/mt ($446.04/mt) ex-works fuelled by a rise in ferrous scrap prices.