The daily Davis Index for rebar on Wednesday marginally increased by Rs100/mt (1.34/mt) to Rs33,900/mt ($456.31/mt) ex-works Mumbai. Demand of rebar was bullish on Monday and Tuesday, but it seems to have slowed down on Wednesday. Finished steel market in Mumbai hasn’t opened completely like pre-COVID-19 times, as steel mill officials said, adding that trading has improved from previous week.
The daily Davis Index for billet remained unchanged at Rs30,650/mt ($412.57/mt) ex-works Mumbai. Billet offers were at 30,700/mt and bids at 30,600/mt but no deals were reported on Wednesday. Market participants informed that imported scarp prices increased by $4-5/mt in the week — an indication of an improvement in the near term.
In Raipur, the daily indexes for rebar remained flat at Rs32,500/mt ($437.47/mt) ex-works on limited trades and billet increased by Rs350/mt ($4.7/mt) to settle at Rs29,450/mt ($396.57/mt) ex-works. Secondary steel mills are strongly expecting prices to move further up anticipating healthy buying in the coming week. Pellet sponge offers were at Rs19,000/mt ($255.87mt) ex-works, with limited takers.
In Mandi Gobindgarh, the daily index for ingot remained unchanged at Rs32,500/mt ($437.65/mt) ex-work. The daily index for rebar was also flat at Rs37,000/mt ($478.9/mt) ex-works with limited trade activities.