The daily Davis Index for rebar remain flat on Thursday at Rs35,800/mt ($500.55/mt) ex-works Mumbai with a rise in billet prices by Rs450/mt. Trades picked up on Thursday and manufacturers expect demand and prices to rise in the near term.
The daily Davis Index for billets in Mumbai increased to Rs31,950/mt ($446.72/mt) ex-works, up by Rs450/mt ($6.29/mt), on account of a rise in local ferrous scrap prices by Rs200/mt ($2.79/mt).
The daily Davis Index for ingot at Mandi Gobindgarh marginally increased by Rs100/mt ($1.39/mt) to Rs32,250/mt ($450.92/mt) ex-works on Thursday, due to a rise in ferrous scrap prices by Rs100/mt.
The daily Davis Index for rebar in Raipur has remained unchanged for the last two days at Rs33,650/mt ($470.49/mt) ex-works on a sluggish demand.
The daily index for billets settled at Rs29,750/mt ($415.96/mt) ex-works Raipur, on Tuesday, an increase by Rs150/mt ($2.09/mt) on account of marginally increased in pellet sponge prices.
Pellet sponge Raipur was at Rs19,400-19,500/mt, up by Rs100-200/mt from the day before.