The daily Davis Index for billet in Mumbai rose by Rs200/mt to settle at Rs31,500/mt ex-works with significant demand reported on Monday. Billet sellers are anticipating healthy demand and expecting prices to move up in coming days. Few billets deals were reported at the index price. The index for rebar increased by Rs100/mt at Rs35,000/mt ex-works due to steady demand.
On October 11, the government awarded 322 projects spanning 12,413km under ‘Bharatmala Pariyojana’, the Ministry of Road and Transport and Highways said in a statement. This is expected to boost demand for long steel products like rebar.
In Raipur, the daily index for billet increased by Rs350/mt and settled at Rs30,200/mt ex-works following price hike in finished steel including rebar. The index for rebar surged by Rs500/mt at Rs33,100/mt ex-works due to healthy buying from dealers and retailers.
Construction and infra activities are gaining momentum and is expected to improve in the second half of FY21. Pellet sponge were offered at Rs19,400/mt ex-works Raipur, with no deals heard. Davis Index last heard a deal at Rs19,100-19,200/mt for a large quantity.
In Mandi Gobindgarh, the daily Davis Index for ingot was up by Rs300/mt at Rs33,000/mt with similar rise in scrap prices. The index for rebar was up by Rs200/mt to Rs37,300/mt ex-works amid better sales.