The daily Davis Index for billet in Mumbai on Thursday fell by Rs250/mt ($3.38/mt) to settle at Rs30,400/mt ($411.92/mt) ex-works Mumbai on demand uncertainty. Few billet deals were reported at Rs30,400/mt. The daily Davis Index for rebar remained flat at Rs33,900/mt ($459.34/mt) ex-works Mumbai with limited buying.
In Raipur, the daily index for billet was down by Rs300/mt ($4.06/mt) and settled at Rs29,150/mt ($394.98/mt) due to continuous selling pressure. Demand of finished steel including rebar has also been dull throughout the week. The daily index for rebar decreased by Rs100/mt to Rs32,400/mt ($439.02/mt). Few mills are giving discount of Rs200-300/mt in rebar to encourage sales but buyers seem uninterested. Pellet sponge offers were at Rs19,100/mt ($258.80mt) ex-works, with no takers.
In Mandi Gobindgarh, the daily index for ingot marginally rose by Rs50/mt at Rs32,550/mt ($441.05/mt) ex-works. The daily index for rebar remained flat at Rs37,000/mt ($501.35/mt) ex-works with limited trade activities.
In Durgapur, the bi-weekly index for rebar declined by Rs250/mt ($3.38/mt) to Rs32,700/mt ($442.6/mt) ex-works on Thursday from 32,950/mt ($446.08/mt) on Tuesday with no deals reported on the back of bi-weekly lockdown in the region. The index for billet also decreased by Rs250/mt ($3.38/mt) to Rs29,700 ($402.2/mt) ex-works Durgapur.
In Chennai, the bi-weekly Davis Index for rebar and billet remained unchanged at Rs 35,000/mt ($473.8/mt) and Rs31,000/mt ($419.6/mt), respectively. The manufacturers, however, anticipate a price rise by the end of this week supported by increase in raw material prices globally. The Turkish index for HMS1&2 (80:20) rose by 6pc to $286.47/mt on August 26 from $271.3/mt on July 27.
In Jalna, the daily index for billet decreased by Rs150/mt to Rs30,400/mt ($411.92/mt) ex-works compared to Tuesday due to moderate demand while the bi-weekly index for rebar remained unchanged at Rs34,000/mt ($460.7/mt) ex-works. Mills are concerned about high prices of imported scrap when iron prices are decreasing in international market.
In Gujarat, the bi-weekly index for rebar was up by Rs250/mt to Rs34,250/mt ($464.09/mt) ex-works in line with increase in billet prices along with better demand after the flood situation normalize in the State. The bi- weekly index for billet was also up by Rs200/mt Rs31,250/mt (423.44/mt) ex-works.
In Ludhiana, the bi-weekly index for ingot increased by Rs300/mt to Rs 33,000/mt (447.15/mt) ex-works with a similar rise seen in local scrap prices.