The daily Davis Index for rebar in Raipur remained flat and settled at Rs33,600/mt ($470.32/mt) ex-works.
The daily index for billet settled at at Rs29,000/mt ($405.93/mt), down by Rs150/mt ex-works Raipur. Pellet sponge prices in Raipur were at Rs18,400-18,500/mt, down by Rs100-200/mt.
The Davis Index for ingot in Mandi Gobindgarh fell by Rs300/mt to Rs31,350/mt ($438.82/mt) ex-works driven fall in domestic ferrous scrap prices on Wednesday. If demand fails to pick up and prices continue to fall, rebar manufacturers are likely to reduce production.
The daily Davis Index for rebar in Mumbai remained flat for second consecutive day and settled at Rs35,100/mt ($491.32/mt) ex-works.
The daily Davis Index for billet in Mumbai decreased by Rs100/mt ($1.39/mt) to Rs31,250/mt ($437.43/mt) ex-works.
Billet offers were at Rs31,300/mt, but buyers stayed away from bids as they adopt a wait- and- see approach.