The Davis Index for rebar in Raipur settled flat at Rs32,800/mt ($435.47/mt) ex-works. Major mills have been selling billets actively in overseas markets, which could give its prices a lift in the near term.
Finished steel inventories with mills dipped on increased bookings from buyers in Madhya Pradesh, Uttar Pradesh, Maharashtra, Kerala, Telangana among others.
The index for billet dropped by Rs100/mt ($1.32/mt) and settled at Rs26,000/mt ($345.19/mt) ex-works Raipur.
Pellet sponge was priced at Rs15,000-15,100/mt, down by Rs300-400/mt from Tuesday amid a decrease in input cost. NMDC revised its iron ore lumps and fines prices by Rs400/mt ($5.31/mt) for May deliveries. to boost sales. The state-owned miner had reported a 49pc fall in April sales to 1.38mn mt from the prior year. Production declined by 38pc to 1.8mn mt in the period.
The Davis Index for rebar in Mumbai remained unchanged at Rs34,300/mt ($455.39/mt) ex-works. The index for billet also remained flat at Rs28,900/mt ($383.69/mt) ex-works.
In Mandi Gobindgarh, the daily index for ingot unchanged at Rs29,250/mt ($388.34/mt) ex-works.