The daily Davis Index for billet on Tuesday increased by Rs100/mt ($1.34/mt) and settled at Rs28,000/mt ($375.28/mt) ex-works Mumbai on the back of better demand from rolling mills.
The daily Davis Index for rebar in Mumbai increased by Rs100/mt and settled at Rs30,100/mt ($403.43/mt) ex-works in-line with the increase in billet prices. However, demand of rebar was moderate on Tuesday and there were limited takers at index prices.
In Raipur, the daily Davis Index for rebar was unchanged at Rs30,600/mt ($410.13/mt) ex-works, while the daily index for billet rose by Rs250/mt ($3.35/mt) and settled at Rs27,850/mt ($373.32/mt) ex-works on an increase in pellet sponge and local scrap prices.
Pellet sponge iron prices increased by Rs100-200/mt to settle at Rs16,400-16,500/mt ex-works Raipur. It is also heard that pig iron prices increased in Central India from last week to around Rs25,000/mt del Raipur.
In Mandi Gobindgarh, the daily index for ingot remained flat at Rs30,500/mt ($408.79/mt) ex-works.
In Durgapur, the bi-weekly index for rebar rose by Rs100/mt to Rs31,100/mt ($416.83/mt) ex-works from the prior week with deals reported at the index price. Steel mills reported a slow demand as construction activity continues to be sluggish. Moreover, the West Bengal government has imposed a complete lockdown every Thursday and Saturday. Mills are likely to raise their rebar offers in near term in line with increase in billet prices.
The index for billet rose by Rs300/mt ($4.02/mt) to Rs27,300/mt ($365.9/mt) ex-works Durgapur on the back of increase in scrap prices in overseas and domestic markets.
In Chennai, the bi-weekly Davis Index for rebar declined by Rs383/mt ($5.13/mt) to Rs 34,917/mt ($467.99/mt) ex-works from the prior week. A few trades were reported at the index price. The index for billet dropped marginally by Rs67/mt to Rs29,433/mt ($334.17/mt) ex-works from the prior week.
In Gujarat, the bi-weekly index for rebar fell by Rs200/mt ($2.68/mt) to Rs 31,800/mt ($426.51/mt) ex-works from the prior week. The index for billet also dropped by Rs200/mt to Rs28,000/mt ($375.28/mt) ex-works from the prior week.
In Jalna, the bi-weekly index for rebar fell by Rs500/mt ($6.71/mt) to Rs 31,500/mt ($422.19/mt) ex-works from the prior week on higher inventory and low demand. The index for billet also dropped by Rs300/mt ($4.02/mt) to Rs28,300/mt ($379.3/mt) ex-works from the prior week.
In Ludhiana, the bi-weekly index for ingot remained unchanged at Rs 30,900/mt ($414.15/mt) ex-works.