The daily Davis Index for rebar Tuesday dropped by Rs500/mt ($6.57/mt) to Rs33,000/mt ($433.86/mt) ex-works Mumbai in-line with a fall in ingot and billet prices. Demand for finished steel products has diminished in the Mumbai Metropolitian Region (MMR) as buyers preferred to away from the market.
The index for billet decreased by Rs650/mt ($8.54/mt) and settled at Rs27,600/mt ex-works Mumbai. Billets offer were at 27,700/mt and bid were heard at Rs27,500/mt, but no deals were reported.
In Raipur, the daily Davis Index for rebar remained flat at Rs33,000/mt due to limited buying activities both locally and from outstation markets. Traders are offering Rs200-300/mt discount over manufacturer’s offers in order to clear-off their inventories.
The daily index for billet fell by Rs250/mt and settled at Rs28,000/mt ex-works Raipur in-line with a fall in pellet sponge prices. Pellet sponge iron prices were at around Rs15,100-15,200/mt ex-works Raipur on Tuesday, down by Rs200-300/mt.
In Mandi Gobindgarh, the daily index for ingot declined by Rs150/mt to Rs30,700/mt ex-works on similar fall in ferrous scrap prices.