The Davis Index for rebar in Raipur settled flat at Rs35,700/mt (472.15/mt) ex-works, unchanged from the prior day. Rebar mills cited that booking were slow at higher prices as traders preferred to stay away from the market amid economic uncertainty. Mills are dispatching rebars for older booking amid slow production.
The index for billet rose by Rs200/mt ($2.64/mt) and settled at Rs29,100/mt ($384.46/mt) ex-works Raipur due to limited availability of material as foundries have cut production. Pellet sponge iron was priced at Rs16,300/mt ex-works Raipur unchanged from the prior day.
In Mumbai, the daily Davis Index for rebar remained unchanged at Rs34,300/mt (453.64/mt) ex-works with little trade. The daily index for billet was flat to Rs29,500/mt ($390.16/mt) ex-works Mumbai.
RINL, a major steel producer, reduced rebar prices by Rs1,000-1,500/mt to liquidate unsold stocks held from the beginning of the month, learnt Davis Index. Rebar prices were heard at Rs37,500-38,000/mt ex-Vizag.
In Mandi Gobindgarh, the daily index for ingot rose by Rs100/mt to Rs31,200/mt ex-works on similar rise in ferrous scrap prices.