The daily Davis Index for billet in Raipur was flat at Rs35,700/mt ($485.05/mt) ex-works on Tuesday. Trading was quite dull and very few deals were heard after healthy booking was reported on Monday. Domestic steel market was also silent due to Bharat Bandh (nationwide strike) called by the farmers’ union against the government’s Farm Bill.
Pellet Sponge offers were firm at Rs25,000/mt ($339.67/mt) ex-works Raipur with limited takers as buyers are targeting lower prices. The index for rebar remained unchanged at Rs38,400/mt ($521.73/mt) ex-works.
In Mumbai, the daily index for billet was up by Rs400/mt to settle at Rs37,900/mt ex-works with some deals heard at index price. The increase is also attributed to the upward trend in local and imported scrap prices. The index for rebar rose by Rs200/mt at Rs42,200/mt ex-works Mumbai on sustained demand.
In Mandi Gobindgarh, the daily index for ingot was up by Rs100/mt at Rs37,800/mt ex-works with no deal heard at this price while the index for rebar was flat at Rs42,000/mt ex-works.
In Jalna, the bi-weekly index for billet was up by Rs200/mt at Rs37,500/mt ex-works with some deals reported. The index for rebar was up by Rs200/mt at Rs41,300/mt ex-works on Tuesday compared to last Thursday.
In Kutch, the bi-weekly index for billet increased by Rs500/mt at Rs36,500/mt on account of increased local scrap prices. The index for rebar was up by Rs1,000/mt at Rs42,700/mt ex-works on healthy rebar sales on Monday which had cooled off on Tuesday.
In Chennai, the bi-weekly index for billet was up by Rs300/mt at Rs39,300/mt and rebar was up by Rs500/mt at Rs42,500/mt, ex-works.
In Ludhiana, the bi-weekly index for ingot surged by Rs200/mt to settle at Rs 37,800/mt ex-works due to similar rise in local scrap prices.