The Davis Index for rebar, Monday, fell by Rs200/mt ($2.68/mt) from Friday and settled at Rs31,300/mt ($419.57/mt) ex-works Mumbai due to weak demand as monsoon reached most parts of India. Generally, construction activities slow down during the monsoon season impacting the demand and price of rebar across India.
The Davis Index for billets remained unchanged at Rs27,400/mt ($367.29/mt) from Friday ex-works Mumbai amid limited trading.
In Raipur, the Davis Index for rebar Monday fell by Rs200/mt and settled at Rs30,500/mt ex-works Raipur. Some manufacturers reduced offers while few kept them unchanged prices from Friday. Davis Index heard that few traders opted to sell material below manufacturer’s prices to clear piled-up inventory.
The index for billet was flat in Raipur at Rs27,000/mt ex-works. There is limited availability of billet in Central India due to lower production by induction furnaces and EAF mills. Pellet sponge iron prices were at Rs15,700-15,800/mt ex-works Raipur, unchanged from Friday.
In Mandi Gobindgarh, the daily index for ingot rose by Rs50/mt to Rs30,150/mt ex-works amid a sightly revival in demand for finished steel products.