The daily Davis Index for rebar in Mumbai remained flat and settled at Rs35,100/mt ($490.9/mt) ex-works. Trade activities thinned on Tuesday, and are likely to further slowdown due to bank holidays in India this week.
The daily Davis Index for billet in Mumbai increased by Rs200/mt ($2.79/mt) to Rs31,350/mt ($438.46/mt) ex-works on the back of higher imported scrap prices.
Billets were offered at Rs31,500/mt and bids were at Rs31,300/mt but no deal was reported.
In Raipur, the daily Davis Index for rebar increased by Rs300/mt ($4.19/mt) and settled at Rs33,600/mt ($469.93/mt) ex-work due to a Rs500/mt increase in gauge parity of all sizes.
Rebar manufacturers cited sluggish demand on Tuesday following an increase in parity, which may reflect in the finished steel prices in the near future.
The daily index for billet fell by Rs300/mt at Rs29,150/mt ($407.69/mt) ex-works Raipur, as sponge prices dropped.
Pellet sponge prices in Raipur were at Rs18,500-18,600/mt, down by Rs300-400/mt.
The daily Davis Index for ingot in Mandi Gobindgarh decreased by Rs200/mt to Rs31,650/mt ($442.65/mt) ex-works due to fall in ferrous scrap prices.