The Davis Index for rebar increased by Rs600/mt ($7.97/mt) from Friday and settled at Rs31,000/mt ($412.23/mt) ex-works Raipur. Prices rose primarily due to increased raw-material costs. Demand for finished steel, however, is still lacking in Central India.
The daily index for billet also rose in Raipur on Monday by Rs350/mt ($4.64/mt) to Rs27,950/mt ($371.67/mt) ex-works. Few billet deals were reported at Rs28,000/mt. Pellet sponge iron prices were at Rs16,400-16,600/mt ex-works Raipur, up by Rs300-400/mt from Friday.
In Mumbai, the index for billet rose by Rs150/mt ($.1.99/mt) and settled at Rs27,500/mt ($365.69/mt) ex-works Mumbai amid moderate demand from steel re-rolling mills. The index for rebar remained unchanged at Rs30,800/mt ($409.57/mt) ex-works Mumbai with limited trades.
In Mandi Gobindgarh, the index for ingot increased by Rs150/mt ($1.99/mt) to Rs30,550/mt ($405.77/mt) ex-works. Demand for finished steel products like rebar, structural steel and pipes showed some signs of recovery.