The daily Davis Index for rebar in Mumbai fell by Rs500/mt and settled at Rs33,700/mt ex-works ($448.18/mt). Rebar manufacturers reduced offers to liquidate their rising inventories. Trades were thin amid the COVID-19 outbreak.
The daily Davis Index for billet in Mumbai fell by Rs350/mt ($4.66/mt) and settled at Rs29,150/mt ($388.14/mt) ex-works.
In Raipur, the daily Davis Index for rebar settled at Rs31,000/mt ex-works ($412.78/mt), down by Rs400/mt. Prices declined driven by a fall in ingot and billet prices.
The daily index for billet fell by Rs300/mt($3.99/mt) and settled at Rs26,350/mt ($350.86/mt) ex-works Raipur, due to fall in pellet sponge prices. Pellet sponge iron prices Raipur were at Rs16,800-16,900/mt, down by Rs200-300/mt from the prior day.
In Mandi Gobindgarh, the daily index for ingot marginally rose by Rs50/mt to Rs29,400/mt ($.391.47/mt) ex-works.