The daily Davis Index for billet rose by Rs300/mt ($3.98/mt) on Friday and settled at Rs27,950/mt ($371.67/mt) ex-works Mumbai driven by a rise in sponge iron prices. Billet offers were at Rs28,000/mt and bids at Rs27,900/mt, but no deal was reported. A few sponge iron deals were heard at around Rs15,600/mt ex-works from Bellary to Mumbai.
The daily Davis Index for rebar settled flat at Rs30,800/mt ($409.57/mt) ex-works Mumbai amid limited trade.
In Raipur, the daily Davis Index for rebar remained unchanged and settled at Rs31,400/mt ($417.55/mt) ex-works Raipur. Some state governments in India have imposed lockdowns to control the spread of COVID-19. This triggered traders to clear-off inventory anticipating a drop in demand in the near term.
The daily index for billet dropped by Rs200/mt ($2.65/mt) to Rs28,050/mt ($373 /mt) ex-works Raipur. Few billet deals were heard at Rs28,000/mt. Pellet sponge iron prices were at Rs16,400-500/mt ex-works Raipur, down by Rs100-200/mt from the prior day.
In Mandi Gobindgarh, the daily index for ingot fell by Rs100/mt ($1.32/mt) to Rs30,650/mt ($407.57/mt) ex-works due to a similar fall in local scrap prices.