The daily Davis Index for rebar in Mumbai remain flat and settled at Rs32,900/mt ($439.25/mt) ex-works. The daily Davis Index for billet rose by Rs250/mt ($3.3/mt) to Rs29,900/mt (399.19/mt) ex-works on persisting shortage of scrap and sponge.
In Raipur, the daily Davis Index for rebar decreased by Rs200/mt ($2.67/mt) and settled at Rs32,600/mt ($435.24/mt) ex-works Raipur in-line with a fall in ingot and billet prices. Steel mills stated a dip in demand from neighbouring states amid a drop in construction activities due to heavy rains.
The daily Davis Index for billet fell by Rs250/mt to settle at Rs29,350/mt ($391.85/mt) ex-works. Pellet sponge iron prices continued to remain at higher level at Rs18,500/mt ex-works, up by Rs200/mt.
In Mandi Gobindgarh, the daily index for ingot decreased by Rs200/mt and settled at Rs31,850/mt ($425.23/mt) ex-works on similar rise in scrap prices. The daily index for rebar also fell by Rs100/mt at Rs36,850/mt ($491.98/mt) ex-works.
In Chennai, the bi-weekly, Davis Index for rebar marginally rose by Rs92/mt ($1.22/mt) to Rs34,817 ($464.5/mt) from the prior week. A few deals were reported at the index price. Manufacturers cited sluggish demand for finished steel amid heavy rainfall hampering logistics. Moreover, the raw material prices are increasing on the back of supply crunch.The index for billet rose by Rs92 ($1.22/mt) to Rs30,317/mt ($404.4/mt).
In Durgapur, the bi-weekly index for rebar marginally decreased by Rs133/mt ($1.7/mt) to Rs32,100/mt ex-works ($428.3/mt) from the prior week with deals concluded at the index price. The index for billet, however rose by Rs58/mt ($0.77/mt) to Rs29,225 ($389.9/mt) ex-works Durgapur.
In Jalna, the bi-weekly index for rebar down by Rs100/mt ($1.35/mt) at Rs33,500/mt ($447.26/mt) ex-works from the prior index price index. Billet prices were also down by Rs100/mt at Rs30,100/mt ($401.86/mt) ex-works. Few billet deals reported at Rs30,100/mt.
In Gujarat, the bi-weekly index for rebar fell by Rs100/mt to Rs33,450/mt ($446.59/mt) ex-works from the prior index price. The index for billet was down by Rs200/mt to Rs30,350/mt ($405.2/mt) ex-works.
In Ludhiana, the bi-weekly index for ingot rose by Rs150/mt ($2/mt) at Rs 32,200/mt ($429.9/mt) ex-works from the previous index.