The daily Davis Index for billet Thursday rose by Rs200/mt ($2.7/mt) to settle at Rs29,500/mt ($399.18/mt) ex-works in Raipur after staying under pressure since Monday. Marginally uptick in demand supported billet prices.
A drop in prices on Wednesday also led to some demand, said a Raipur-based mill owner. However, buying activity continues to be slow. The daily index for rebar settled flat at Rs32,800/mt ($443.84/mt) ex-works. Pellet sponge offers also remained unchanged at Rs19,000/mt ($257.1/mt) ex-works, with limited trades heard.
In Mumbai, the daily Davis Index for billet fell by Rs100/mt to Rs30,100/mt ex-works in-line with a drop in rebar prices. The index for rebar dropped further by Rs200/mt to Rs33,700/mt ex-works on thin trades.
In Mandi Gobindgarh, the daily index for ingot increased by Rs200/mt at Rs32,600/mt ex-works in line with a rise in local scrap prices. The index for rebar was also rose by Rs200/mt to Rs37,600/mt ex-works.
In Durgapur, the bi-weekly index for billet dropped by Rs300/mt to 29,900/mt ex-works on Thursday compared to Tuesday following fall in rebar prices. The bi-weekly index for rebar fell by Rs400/mt at Rs31,900/mt ex-works amid increased selling pressure.
In Chennai, the bi-weekly index for billet and rebar fell by Rs200/mt to Rs 30,800/mt and Rs 34,700/mt, respectively. Limited deals were heard at index prices.
In Jalna, the bi-weekly index for billet decreased by Rs200/mt at Rs30,200/mt ex-works with no major deals heard. Mills delayed buying as they await for the market to stabilize. The bi-weekly index for rebar dropped by Rs200/mt at Rs33,800/mt ex-works on limited sales.
In Gujarat, the bi-weekly index for billet unchanged to Rs30,300/mt ex-works. Trades significantly improved after Kutch-based mills dropped prices on Wednesday, but trades remain minimal on Thursday. The bi-weekly index for rebar marginally fell by Rs100/mt to Rs33,500/mt ex-works.
In Ludhiana, the bi-weekly index for ingot increased by Rs100/mt to Rs 33,200/mt ex-works with a similar rise in local scrap prices.