The daily Davis Index for rebar in Mumbai settled flat on Thursday at Rs35,500/mt ($467.87/mt). Though demand for rebar remained weak, producers were unwilling to lower their offers amidst high input cost. Rebar manufacturers are facing a margin squeeze at present.
The daily Davis Index for billet in Mumbai fell by Rs150/mt ($2.09/mt) and settled at Rs31,400/mt ($438.54/mt) ex-works in-step with a fall in domestic scrap prices. Offers were at Rs31,400/mt and bids at Rs31,300/mt with limited deals reported.
In Raipur, the daily Davis Index for rebar settled unchanged at Rs33,400/mt ($466.48/mt) ex-works with limited trades reported.
The daily index for billet dropped by Rs300/mt ($4.81/mt) to settle at Rs29,200/mt (393.85/mt) ex-works Raipur. A glut of billets and decline in input cost weighed down billet prices. Pellet sponge iron prices in Raipur were at Rs18,400-18,500/mt.
The daily index for ingot in Mandi Gobindgarh decreased by Rs200/mt ($2.79/mt) to Rs31,750/mt ($443.43/mt) ex-works on a fall in ferrous scrap prices.