The daily Davis Index for billet in Mumbai was flat at Rs30,900/mt ($420.98/mt) ex-works on Friday due to absence of trade activities. Billet offers were still at Rs31,000/mt ($422.34/mt) but buyers were not interested in bidding, taking the wait-and-watch approach instead. They are also expecting price correction in imported scrap prices in the near term.
The daily Davis Index for rebar in Mumbai settled unchanged at Rs34,200/mt ($465.94/mt) ex-works with limited trading activity in secondary market. Few primary mills traded rebar at around Rs38,500-39,000/mt across Mumbai region.
A steel mill in Kutch (Gujarat) sold billet in bulk quantity at around $435/mt FoB west coast India earlier this month, according to Davis Index sources.
In Raipur, the daily index for billet remained flat at Rs29,700/mt ($404.63/mt) ex-works and very few deal were heard at index prices. Pellet sponge offers were at Rs19,500/mt ($265.66/mt) ex-works, with no takers at these prices.
Market participants are concerned about the market direction this month due as liquidity crunch, stockpiled inventory and rapid rise in COVID-19 cases in Chhattisgarh could play a major part. The daily index for rebar remained flat at Rs33,000/mt ($449.59/mt) ex-works Raipur.
In Mandi Gobindgarh, the daily index for ingot was up by Rs250/mt to settle at Rs32,850/mt ($447.54/mt) ex-works in line with the rise in scrap prices. The index for rebar remained flat at Rs37,700/mt ($513.62/mt) ex-works on limited trades.