The daily Davis Index for rebar Monday fell by Rs350/mt (4.63/mt) from Friday and settled at Rs35,000/mt (463.57/mt) ex-works Raipur on weak sales across India. Rebar manufacturers reduced offers on Monday, despite a rise in billet prices, as buyers refused to purchase at higher prices. The daily index for billet rose by Rs350/mt and settled at Rs29,550/mt ($391.23/mt) ex-works Raipur due to shortage of billet in the domestic market.
Steelmakers in India have turned their focus to overseas market amid weak domestic demand. Last week, few mills received exports orders for billet at around $400-405/mt for June and July shipments, according to Davis Index sources.
Pellet sponge iron prices remained higher at around Rs16,100-200mt ex-works Raipur on Monday.
In Mumbai, the daily Davis Index for rebar remained unchanged at Rs34,300/mt ex-works with limited trades. The daily index for billet was also flat at Rs29,400/mt ex-works Mumbai.
In Mandi Gobindgarh, the daily index for ingot rose by Rs100/mt to Rs31,750/mt ex-works on higher sponge iron and ferrous scrap prices.