The daily Davis Index for rebar in Raipur fell by Rs400/mt ($5.53/mt) to settle at Rs33,000/mt ($456.93/mt) ex-works.
Rebar manufacturers lowered their offers by Rs400/mt on Monday as demand failed to pick up.
The daily index for billet dropped by Rs200/mt ($2.76/mt) to Rs29,100/mt (402.93/mt) ex-works Raipur. Pellet sponge iron prices remained unchanged at Rs18,300-18,400/mt depending on the grade.
In Mumbai, the daily Davis Index for rebar fell by Rs600/mt ($8.3/mt) to settle at Rs34,900/mt ($483.24/mt) driven by decreased input cost and low weak demand. The index for billet fell by Rs500/mt ($6.92/mt) to Rs30,500/mt ($422.32/mt) ex-works Mumbai with a fall in local scrap prices. Few deals were reported at Rs30,500/mt.
The daily index for ingot in Mandi Gobindgarh fell marginally by Rs100/mt to Rs31,750/mt ($441.74/mt) ex-works, also on decreased ferrous scrap prices.