The daily Davis Index for billet in Raipur fell by Rs200/mt ($2.69/mt) at Rs32,200/mt ($433.78/mt) ex-works on Tuesday on subdued trading activity due to the upcoming Diwali festival. Pellet Sponge prices dropped to Rs22,500/mt ($303.11/mt) ex-works with limited deals being heard. Pellet producers are expecting prices to remain steady for the rest of the fiscal year due to continuous shortage of iron ore in lumps and fines.
The daily index for rebar fell by Rs200/mt to settle at Rs36,600/mt ($493.26/mt) ex-works amid sluggish demand.
In Mumbai, the daily index for billet dropped Rs300/mt at Rs33,700/mt ex-works with few trades. Billets buyers are still expecting price correction in the near term. Rebar remained flat at Rs37,500/mt in the second day of the week. Mills continue to hold rebar prices as demand was supportive which is not putting pressure on the inventory.
In Mandi Gobindgarh, the daily index for ingot was down by Rs250/mt at Rs34,250/mt in line with fall in scrap prices. The index for rebar was down by Rs300/mt at Rs38,700/mt ex-works.
In Jalna, the bi-weekly index for billet remained unchanged at Rs33,950/mt ex-works with rare bookings from rolling mills. The index for rebar was up by Rs500/mt at Rs37,500/mt ex-works on Tuesday from last Thursday due to strong rebar sales across Maharashtra.
In Gujarat, the bi-weekly indexes for billet was up by Rs200/mt to Rs34,200/mt ex-works and for rebar was up Rs500/mt at Rs38,500/mt ex-works with limited trades.
In Durgapur, the index for billet was down by Rs900/mt to Rs32,400/mt ex-works amid significant dip in demand in last two days. The bi-weekly index for rebar fell by Rs1,000/mt to Rs35,000/mt ex-works, again due to weak rebar sales.
In Chennai, the bi-weekly Indexes for billet and rebar remained unchanged at Rs 34,000/mt ex-works and Rs37,800/mt ex-works, respectively.
In Ludhiana, the bi-weekly index for ingot dropped by Rs1,250/mt to settle at Rs 34,500/mt ex-works due to sharp fall in local scrap prices as scrap’s availability was covered by the nearby markets.