The daily Davis Index for rebar in Raipur rose by Rs200/mt ($2.8/mt) and settled at Rs33,300/mt ($467.43/mt) ex-works fuelled by a rise in billet prices and moderate demand.
Rebar manufacturers in Raipur claimed trading was healthy on Wednesday which gave its prices a lift. Buying activity declined subsequently on Thursday. Demand, however, is likely to rise in the near term.
The daily index for billet settled at Rs29,650/mt ($416.19/mt) ex-works Raipur on Thursday driven by an increase in pellet sponge prices. Pellet sponge iron in Raipur was priced at Rs19,200-19,300/mt, up by Rs200-300/mt from Wednesday.
The daily Davis Index for ingot rose by Rs500/mt ($7.01/mt) to Rs31,950/mt ($438.07/mt) ex-works Mandi Gobingarh due to a rise in ferrous scrap prices.
The daily Davis Index for rebar in Mumbai remained flat and settled at Rs34,900/mt ($489.89/mt) ex-works. Traders in Mumbai said demand for flat products was stronger compared to that for long products.
The daily Davis Index for billet in Mumbai rose by Rs250/mt ($3.5/mt) to Rs31,150/mt ($437.25/mt) ex-works fuelled by a rise in ferrous scrap prices by Rs300/mt. Billet offers were at Rs31,200/mt and bids at Rs31,100/mt.