The Davis Index for billet fell by Rs450/mt ($5.96/mt) from Friday to Rs27,650/mt ($366.22/mt) ex-works Mumbai on Monday following weak global cues. Imported scrap prices in India have also softened. Billet offers were at 27,700/mt ex-works and bids were heard at Rs27,600/mt ex-works with no deals were reported.
The index for rebar remained unchanged at Rs31,700/mt ($419.86/mt) ex-works amid limited trades.
In Raipur, the index for rebar also remained flat and settled at Rs31,700/mt ($419.86/mt) ex-works Raipur. Manufacturers continued to hold onto their offers while buyers lowered the bids by Rs200-400/mt. A few deals were reported at around Rs31,300-500/mt ex-works.
The index for billet fell by Rs100/mt ($1.32/mt) and settled at Rs27,800/mt ($368.21/mt) ex-works Raipur. Pellet sponge iron prices were at Rs15,600-15,700/mt ex-works Raipur, unchanged from Friday.
In Mandi Gobindgarh, the index for ingot increased by Rs150/mt(1.98/mt) from Friday and settled at Rs30,950/mt (409.93/mt) ex-works on Saturday. Since then, prices have been flat as the market remains shut till Tuesday.