The daily Davis Index for rebar in Mumbai fell by Rs200/mt ($2.73/mt) to settle at Rs34,700/mt (474.3/mt) on Tuesday. Rebar manufacturers continued to reduce offers to liquidate their rising inventories as trading thinned.
The daily Davis Index for billet in Mumbai settled flat at Rs30,500/mt ($416.89/mt) ex-works.
Raipur is a major finished steel market in India supplying steel in the North, West and South. Traders in this central Indian city fear that prices are likely to decline further with new Covid-19 cases detected in Delhi and Telangana. The daily Davis Index for rebar in Raipur settled flat at Rs33,000/mt ($451.06/mt) ex-works in step with unchanged ingot prices.
The daily index for billet dropped marginally by Rs50/mt and settled at Rs29,050/mt (397.07/mt) ex-works Raipur. Pellet sponge iron prices in Raipur were unchanged at Rs18,300-18,400/mt.
The daily index for ingot in Mandi Gobindgarh fell by Rs100/mt to Rs31,650/mt ($432.61/mt) ex-works due to decreased ferrous scrap prices.