The daily Davis Index for billet on Monday increased by Rs200/mt ($2.67/mt) from Friday and settled at Rs27,900/mt ($372.79mt) ex-works Mumbai following an increase in rebar prices. The secondary market witnessed a recovery in prices after almost a week.
The daily Davis Index for rebar in Mumbai increased by Rs100/mt($1.33/mt) and settled at Rs30,900/mt ($412.88/mt) ex-works as demand improved in the construction sector. Few steel mills based in Mumbai shared that migrant labourers have started coming back to work and transport sector is improving which is helping business activity overall.
Mill owners state if the government pushes for infra, road and housing projects, consumption could go up.
In Raipur, the daily Davis Index for rebar fell by Rs400/mt ($5.34/mt) Monday from Friday and settled at Rs30,600/mt ($408.87/mt) ex-works. Steel mills stated that demand for rebar is still less. The Chhattisgarh government is going to impose a 7-day lockdown from July 22 to control the rising COVID-19 cases, which could impact trade activities.
The daily index for billet fell by Rs50/mt ($0.66/mt) and settled at Rs27,600/mt (368.78/mt) ex-works Raipur. Pellet sponge iron prices increased by Rs200-300/mt to Rs16,200-16,400/mt ex-works Raipur.
In Mandi Gobindgarh, the daily index for ingot increased by Rs200/mt to Rs30,500/mt ($407.53/mt) ex-works owing to similar movement in scrap prices.