The daily Davis Index for rebar in Mumbai rose by Rs250/mt ($3.39/mt) and settled at Rs34,750/mt ($469.95/mt) ex-works but few booking were heard at index prices. The week started with healthy demand for rebar but buying cooled off by Friday, said sources at steel mills.
The daily Davis Index for billet settled flat Friday at Rs31,800/mt ($424.56/mt) ex-works as buyers have postponed trades till Monday. Imported scrap and billet export prices have started to stablise. Export prices for billet held flat at $405-410/mt fob India since last week no further changes heard since then.
In Raipur, the daily Davis Index for billet stayed unchanged to settle at Rs31,100/mt ($415.2/mt) ex-works. Secondary mills are eagerly waiting for some correction in sponge prices as they are very high compare to billet prices. Pellet sponge offers are at Rs21,000/mt ($280.37/mt) ex -works Raipur, but there were no takers at these prices. The daily index for rebar fell by Rs200/mt to Rs34,300/mt ($457.94/mt) ex-works Raipur.
In Mandi Gobindgarh, the daily index for ingot settled at Rs33,550/mt ($447.93/mt) ex-works. Market participants are expecting finished steel prices to stay firm in the near term till the sponge prices cool-off. The daily index for rebar remained unchanged to settle at Rs38,450/mt ($513.35/mt) ex-works with limited trade.