The daily Davis Index for rebar in Raipur fell by Rs200/mt ($2.73/mt) and settled at Rs32,800/mt ($447.84/mt) ex-works, due to a fall in ingot and billet prices and sluggish finished steel demand.
The daily index for billet decreased by Rs450/mt and settled at Rs28,600/mt (390.49/mt) ex-works Raipur driven by a reduction in pellet sponge iron prices and subdued billet bookings by domestic rebar mills. Billet manufacturers in Central India, however, are eying to increase seaborne trades as India’s currency depreciated against the US dollar. Indian rupee stood at Rs73.43 against US$1 on Tuesday, from Rs71.88 a week ago. Pellet sponge iron prices in Raipur were at Rs18,000-18,200/mt, down by Rs100-200/mt from the day prior.
In Mumbai, the daily index for rebar settled flat at Rs34,700/mt (473.78/mt). Rebar manufacturers held their offers higher by Rs200-300/mt than the bids,despite weak demand, since the devaluation of Indian currency increased their raw material cost.
The daily Davis Index for billet in Mumbai also settled unchanged at Rs30,500/mt ($416.43/mt) ex-works. Few deals were reported at Rs30,500/mt.
The daily index for ingot in Mandi Gobindgarh fell by Rs100/mt to Rs31,550/mt ($430.77/mt) ex-works, on decreased in ferrous scrap prices.