The daily Davis Index for billet in Mumbai fell by Rs200/mt ($2.72/mt) and settled at Rs30,500/mt ($415.53/mt) ex-works because of subdued demand. The daily Davis Index for rebar in Mumbai remained flat for the fourth consecutive day at Rs33,900/mt ($461.85/mt) ex-works with limited trades.
Steel mills officials in Mumbai are hopeful that rebar demand is most likely to improve in the month post-monsoon and expect better availability of scrap — domestic as well as imported ones — which will ease their inputs costs.
In Raipur, the daily index for billet decreased by Rs150/mt and settled at Rs29,550/mt ($402.58/mt) ex-works as supply exceeded demand. Pellet sponge traded at Rs19,800-900/mt ex-works, down by Rs100/mt from the prior day. The daily index for rebar also decreased by Rs100/mt to Rs32,500/mt ($442.77/mt) ex-works as buyers stayed away.
In Mandi Gobindgarh, the daily index for ingot fell by Rs200/mt to settle at Rs32,900/mt ($448.22/mt) ex-works in line with fall in local scrap prices. The daily index for rebar remained flat at Rs38,000/mt ($517.71/mt) ex-works with limited trades.
In Durgapur, the bi-weekly index for rebar dropped by Rs100/mt ($9.59/mt) to Rs33,300/mt ($453.2/mt) ex-works on Thursday from 33,400/mt ($454.6/mt) on Tuesday. Trades thinned on sluggish demand. The index for billet, however, remained unchanged at Rs31,000 ($421.9/mt) ex-works Durgapur.
In Chennai, the bi-weekly Davis Index for rebar rose marginally by Rs42/mt (1.13/mt) to Rs 35,125/mt ($478.09/mt) on Thursday from Rs35,083/mt ($477.5/mt) on Tuesday. A few deals were reported at the index price. Manufacturers have adopted a wait-and-watch policy as they expect the market to remain slow till the end of September. The index for billet remained unchanged at Rs31,500/mt ($428.7/mt).
In Jalna, the bi-weekly index for billet decreased by Rs100/mt to Rs30,800/mt ($419.61/mt) ex-works from Tuesday with few deals reported at index prices. The bi-weekly index for rebar also decreased by Rs200/mt at Rs34,000/mt ($463.21/mt) ex-works. Sources from a few mills in Jalna stated that sponge iron and scrap prices remained high, bringing rebar prices under pressure due to constraint in demand. Presently, only 25pc of normal trading activities are taking place.
In Gujarat, the bi-weekly index for rebar was marginally down by Rs50/mt to Rs34,850/mt ($474.79/mt) ex-works. The bi-weekly index for billet dropped up by Rs400/mt Rs31,150/mt ($424.38/mt) ex-works on selling pressure.
In Ludhiana, the bi-weekly index for ingot fell by Rs250/mt to Rs 33,200/mt ($452.31/mt) ex-works with a similar decline in local scrap prices.