The daily Davis Index for rebar in Mumbai remained unchanged at Rs34,300/mt ($452.86/mt) ex-works due to limited trades. The index for billet also settled flat at Rs29,300/mt ($386.84/mt) ex-works Mumbai.
Due to weak finished steel demand in Mumbai, secondary mills preferred to produce and sell billets to buyers in Jalna and Pune. A few deals for billets were heard at Rs29,300/mt ex-works Mumbai.
In Raipur, the daily Davis Index for rebar settled flat at Rs34,200/mt ($451.54/mt) ex-works Raipur. Mills were distressed to sell piled-up inventories amid demand concerns. The daily index for billet fell by Rs350/mt ($4.62/mt) and settled at Rs29,000/mt ($382.88/mt) ex-works Raipur, due to a fall in ferrous scrap and pellet sponge prices. Pellet sponge iron prices were at Rs16,000/mt ex-works Raipur on Thursday, down by Rs100/mt.
Davis Index heard that a Gujarat-based steel mill is offering billets for exports at $405/mt fob India, up by $10-15/mt from the last price. A primary steel mill in the country has also raised its offers for HRC in the overseas market by $10/mt from the previous month to around $425/mt fob India.
In Mandi Gobindgarh, the daily index for ingot fell by Rs50/mt to Rs31,500/mt ($415.89/mt) ex-works due to a fall in ferrous scrap prices and sluggish finished steel demand across Punjab.