The daily Davis Index for rebar in Mumbai rose by Rs200/mt ($2.76/mt) and settled at Rs32,900/mt ($439.83/mt) ex-works in-line with the rise in billet prices amid limited sales. Demand of rebar has softened as heavy rains lashed Mumbai and neighboring regions.
The daily Davis Index for billet rose by Rs300/mt to Rs29,700/mt (397.05/mt) ex-works Mumbai. Few deals were reported at index price.
In Raipur, the daily Davis Index for billet increased marginally by Rs100/mt ($1.33/mt) to settle at Rs29,600/mt ($395.72/mt) ex-works. Pellet sponge iron prices continued to remain high at Rs18,400/mt ex-works, up by Rs200-300/mt.
The daily Davis Index for rebar rose by Rs200/mt ($2.66/mt) and settled at Rs32,600/mt ($435.82/mt) ex-works Raipur. Steel mills stated that demand of rebar was moderate and but buyers shied away from higher prices. Traders said that the recent increase in prices are unlikely to sustain as demand for finished steel is not encouraging.
In Mandi Gobindgarh, the daily index for ingot increased by Rs100/mt and settled at Rs31,950/mt ($427.13/mt) ex-works on a similar rise in scrap prices. The daily index for rebar rose by Rs150/mt at Rs36,950/mt ($493.98/mt) ex-works Mandi Gobindgarh.