The Davis Index for rebar in Raipur settled flat at Rs35,700/mt (472.22/mt) ex-works. Rebar mills held offers flat despite end-user customers staying away from these prices. Mills cited increased international iron ore prices and rising exports of steel semis by large mills for holding onto their offers. International iron ore prices are at around $94-95/mt cfr China, up by $10/mtfrom the last month.
The index for billet fell by Rs400/mt ($5.29/mt) and settled at Rs29,000/mt($383.59/mt) ex-works Raipur in line with a fall in sponge iron prices. Increased availability of billets also pressured prices. Pellet sponge iron was priced at Rs16,300-16,400/mt ex-works Raipur, down by Rs100-200/mt from Tuesday.
In Mandi Gobindgarh, the daily index for ingot fell by Rs150/mt ($1.91/mt) to Rs31,150/mt ($412.03/mt) ex-works due to limited trade activities.
The daily Davis Index for rebar remained unchanged at Rs34,300/mt (453.7/mt) ex-works Mumbai with limited trades. The daily index for billet rose by Rs100/mt ($1.32/mt) to Rs29,600/mt ($391.53/mt) ex-works. Billet offers were at Rs29,700/mt but buyers bid below Rs29,500/mt hence no deals were reported.
Trade with a large mill in Jamshedpur for 2,700mt billets was heard at Rs31,000/mt del Jalna.