The daily Davis Index for rebar in Raipur settled unchanged for a second successive day at Rs33,400/mt ($463.24/mt) ex-works. Finished steel inventories with producers remained abundant as markets across India were quiet for a week.
The daily index for billet increased by Rs100/mt ($1.38/mt) to settle at Rs29,300/mt (406.38/mt) ex-works Raipur. Billet manufacturers increased offers by 100-200/mt to Rs29,400/mt, but bids were at 29,200/mt. Thus, no deals were reported. Pellet sponge iron prices in Raipur were at Rs18,300-18,400/mt, down by Rs100/mt from the prior day.
The daily Davis Index for rebar in Mumbai settled flat at Rs35,500/mt ($492.37/mt). Rebar manufacturers held their offers at Rs35,600-35,700/mt despite low demand. Producers found it difficult to lower offers amid increased imported scrap prices and devaluation of INR against the US$.
US$1 was valued at Rs72.1 on Feb 28, from Rs71.65 on Feb 20.
The daily Davis Index for billet in Mumbai fell by Rs200/mt ($2.77/mt) and settled at Rs31,000/mt ($432.73/mt) ex-works. Billet sales have been declining since Feb 26, pressuring its prices. Few deals were reported at Rs30,900-31,000/mt.
The daily index for ingot in Mandi Gobindgarh rose by Rs100/mt to Rs31,850/mt ($441.74/mt) ex-works on an increased in ferrous scrap prices.