The daily Davis Index for rebar in Mumbai rose by Rs400/mt ($5.46/mt) to settle at Rs35,100/mt (479.37/mt), fuelled by a rise in input cost and moderate demand.
Input cost for rebar producers in Maharashtra increased as the state government withdrew its annual power subsidy given to steelmakers amounting to Rs12,000mn.
The daily Davis Index for billet in Mumbai rose by Rs100/mt ($1.36/mt) and settled at Rs30,600/mt ($417.91/mt) ex-works. Few deals reported at Rs30,600/mt.
The daily Davis Index for rebar in Raipur settled flat at Rs32,800/mt ($447.96/mt) ex-works. Markets were silent ahead of the upcoming Indian Holi festival holiday on Mar 10.
The daily index for billet in Raipur fell by Rs150/mt to settle at Rs28,450/mt (388.55/mt) ex-works Raipur as pellet sponge iron prices reduced. Raipur mills sold billets to buyers in Jalna, Maharashtra at Rs30,200/mt on FoR basis.
Pellet sponge iron prices in Raipur were at Rs18,000-18,100/mt on Thursday, down by Rs100-200/mt from the prior day.
The daily index for ingot in Mandi Gobindgarh fell by Rs400/mt to Rs31,150/mt ($425.43/mt) ex-works with a decrease in ferrous scrap prices.
($1= Rs73.22)