The daily Davis Index for billet on Mumbai increased by Rs150/mt ($2/mt) to settle at Rs28,150/mt ($377.29/mt) ex-works on back of good response from steel rolling mills and increase in price of imported scrap by $5/mt from the previous week. Few billet deals were reported at Rs28,100/mt.
The daily Davis Index for rebar in Mumbai increased by Rs100/mt and settled at Rs31,100/mt ($416.66/mt) ex-works in line with the rise in input costs. However, demand of rebar is still not as encouraging as per the expectation of steel mills.
In Raipur, the daily Davis Index for rebar remained unchanged at Rs30,600/mt ($409.96/mt) ex-works. Secondary steel mills in Raipur are struggling to sell finished steel product owing to lack of demand from the outstation market.
Meanwhile, the Chhattisgarh government has re-imposed a 7-day lockdown from today. Sources from mills revealed that though industrial activities have been kept out of this lockdown, trade activity will be affected to some extent.
The daily index for ingot and billet remained unchanged at Rs27,300/mt ($365.75/mt) and Rs27,800/mt (372.45/mt), ex-works Raipur, respectively. Pellet sponge iron prices continue to remain at higher level between Rs16,400-16,500/mt ex-works Raipur due to limited availability of material.
In Mandi Gobindgarh, the daily Davis Index for ingot was down by Rs300/mt ($4.01/mt) to Rs30,200/mt ($404.6/mt) ex-works due to fall in finished steel prices. The daily index for rebar fell by Rs100/mt to Rs35,800/mt ($479.63/mt) ex-works.