The daily Davis Index for rebar in Mumbai on Tuesday increased by Rs200/mt ($2.67/mt) and settled at Rs32,200/mt ($379.71/mt) ex-works in line with the rise in trade activities and higher billet prices. The daily Davis Index for billet remained flat at Rs29,500/mt ($394.38/mt) ex-works Mumbai. Few billet deals were reported at Rs29,500/mt.
In Chhattisgarh, with the news of lockdown being extended till August 8, trade activities have largely been impacted in the finished steel market as most of the retailers will be shut till then, steel manufacturers informed.
The daily index for billet in Raipur was unchanged at Rs29,300/mt ($391.71/mt) ex-works. Pellet sponge iron prices were at Rs17,700-17,800/mt ex-works, up by Rs200-300/mt due to lower availability of sponge iron. The daily Davis Index for rebar also remained unchanged at Rs32,200/mt ($430.48/mt) ex-works Raipur.
In Mandi Gobindgarh, the daily index for ingot was up by Rs200/mt to Rs31,450/mt ($420.45/mt) ex-works on Tuesday with a similar rise in scrap prices. The daily index for rebar increased by Rs300/mt to Rs36,450/mt ($487.29/mt) ex-works.
In Durgapur, the bi-weekly index for rebar rose by Rs1,283/mt ($17.14/mt) to Rs31,500/mt ex-works from ($421/mt) from the prior week. A few deals were reported at the index price. The index for billet, however, rose by Rs1,800/mt ($24.05/mt) to Rs29,000 ($387.5/mt) ex-works Durgapur backed by increase in iron ore prices. The spread between rebar and billet has tightened to Rs2,500 from Rs3,017.
In Chennai, the bi-weekly Davis Index for rebar rose by Rs667/mt ($8.91/mt) to Rs35,250 ($471/mt) from the prior week. The index for billet rose by Rs167 ($2.23/mt) to Rs30,167/mt ($403/mt).
In Gujarat, the bi-weekly index for rebar went up by Rs1,100/mt ($14.7/mt) on Tuesday to Rs 33,150/mt ($443.18/mt) ex-works from the prior week. The index for billet was also up by Rs1,200/mt ($16.04/mt) to Rs29,850/mt ($399.06/mt) ex-works.
In Jalna, the bi-weekly index for rebar surged by Rs1,400/mt (18.71/mt) at Rs 32,900/mt ($439.83/mt) from the prior week on healthy demand coming from Maharashtra and Madhya Pradesh. Few manufacturers stopped taking more orders yesterday after a sudden rise in orders from the traders and stockists.. Similarly, billet prices also increased by Rs1,550/mt ($20.72/mt) to Rs30,000/mt ($401.06/mt) ex-works.
In Ludhiana, the bi-weekly index for ingot increased by Rs700/mt ($9.35/mt) at Rs 31,600/mt ($422.45/mt) ex-works from the previous week’s index on Thursday.