The daily Davis Index for billet in Mumbai on Wednesday surged by Rs500/mt ($6.81/mt) to Rs30,800/mt ($419.61/mt) ex-works on sustained demand from rolling mills. A few deals were reported at index price. The daily Index for rebar in Mumbai increased by Rs400/mt and settled at Rs33,900/mt ($461.85/mt) ex-works on healthy demand.
Traders from Mumbai shared that demand in finished products is improving since Monday but trading activities are still at 40-50pc of pre-COVID-19 levels.
In Raipur, the daily Index for billet increased by Rs300/mt ($$4.08/mt) to Rs29,650/mt ($403.95/mt) ex-works on rise in sponge iron prices. Pellet sponge offers were at Rs19,600/mt ($267.02/mt) ex-works, but no takers were heard at higher prices. The daily index for rebar was up Rs200/mt at Rs33,000/mt ($44.95/mt) ex-works.
Steel mill operators in Raipur shared that demand on Wednesday slumped and trades sparse following the price hike. They raised concerns about the market’s direction as COVID-19 cases are rising rapidly in India.
In Mandi Gobindgarh, the daily index for ingot was up by Rs200/mt to settle at Rs32,800/mt ($446.86/mt) ex-works in line with increase in scarp prices. The daily index for rebar was marginally up by Rs100/mt at Rs37,700/mt ($513.62/mt) ex-works.