The daily Davis Index for rebar decreased by Rs300/mt ($4.21/mt) on Wednesday, to settle at Rs35,800/mt ($502.66/mt) ex-works Mumbai, as demand for finished steel declined.
The daily Davis Index for billets remain unchanged and settled at Rs31,300/mt ($439.48/mt) ex-works Mumbai.
Rebar prices in the secondary market fell by a total of Rs1,000/mt in both Raipur and Mumbai markets in the last three days.
The daily Davis Index for rebar fell by Rs200/mt and settled at Rs33,000/mt ($463.35/mt) ex-works Raipur.
The daily index for billets inched down by Rs100/mt ($1.4/mt) and settled at Rs29,050/mt ($407.89/mt) ex-works Raipur.
The index for ingots remained flat at Rs32,450/mt ($455.63/mt) ex-works Mandi Gobindgarh.
Primary steel mills in India are expected to lift rebar prices in early February by Rs1,000/mt as prices for domestic iron ore and imported coking coal rose by Rs500-600/mt and $15/mt,respectively.