The daily Davis Index for billet in Mumbai on Thursday dropped by Rs650/mt ($8.65/mt) to Rs30,450/mt ($405.24/mt) ex-works following significant fall in rebar and structure prices. Few billet deals were reported at Rs30,400/mt. The daily Davis Index for rebar decreased by Rs500/mt ($6.65/mt) at Rs34,300/mt ($456.48/mt) ex-works Mumbai with very few bookings at index price. Market participants are experiencing panic due to a sudden drop in prices during the last three days.
In Raipur, the daily Davis Index for billet significantly fell by Rs750/mt to settle at Rs30,000/mt ($399.25/mt) ex-works in line with fall in sponge iron prices. Pellet sponge offers of Rs19,800/mt ($263.5/mt) ex -works found no takers. The daily index for rebar was down by Rs400/mt to Rs33,600/mt ($447.16/mt) ex-works as poor demand deterred end-users from buying.
In Mandi Gobindgarh, the daily index for ingot marginally fell by Rs100/mt and settled at Rs33,200/mt ($441.84/mt) ex-works in line with the fall in rebar price. The daily index for rebar dropped by Rs100/mt at Rs38,400/mt ($511.3/mt) ex-works.
In Durgapur, the bi-weekly index for rebar declined by Rs800/mt ($10.65/mt) to Rs34,100/mt ($454.15/mt) ex-works on Thursday from 34,900/mt ($464.8/mt) recorded on Tuesday with no deals reported amid muted demand for finished steel and a two-day lockdown on Thursday and Friday. The index for billet decreased by Rs733/mt ($9.7/mt) to Rs31,167 ($415.02/mt) ex-works Durgapur.
In Chennai, the bi-weekly Davis Index for rebar dropped marginally by Rs42/mt (0.55/mt) to Rs 35,583 ($473.8/mt) from Rs35,625/mt ($474.4/mt) on Tuesday amid sluggish demand. The index for billet remained unchanged at Rs31,500/mt ($419.5/mt).
In Jalna, the daily index for billet decreased by Rs450/mt to Rs30,950/mt ($411.89/mt) ex-works on Thursday. Billet offers were at Rs31,000/mt but there were no takers at these prices. The bi-weekly index for rebar was down by Rs300/mt at Rs34,500/mt ($459.14mt) ex-works from Tuesday from due to sluggish sales across Maharashtra.
In Gujarat, the bi-weekly index for rebar fell by Rs400/mt to Rs34,150/mt ($454.48/mt) ex-works as buyers postponed orders due to upcoming festival, preferring to wait and watch. The bi- weekly index for billet was down by Rs900/mt to Rs31,150/mt (414.78/mt) ex-works.
In Ludhiana, the bi-weekly index for ingot decreased by Rs650/mt to Rs 33,500/mt ($445.83/mt) ex-works from Tuesday with a similar drop seen in local scrap prices.