The daily Davis Index for billet in Raipur was up by Rs250/mt ($3.37/mt) and settled at Rs35,500/mt ($479.08/mt) ex-works on Friday with limited trades heard at index prices. Steel mill operators said that raw materials prices, including Sponge iron and scrap, are firm amid tight supplies but finished steel demand, including rebar, is not supporting much. This has put secondary steel producers under pressure.
Pellet Sponge offers were at Rs25,500/mt ($344.12/mt) ex-works Raipur but no deal were reported. The index for rebar remained unchanged at Rs37,300/mt ($503.37/mt) ex-works with limited takers at these prices.
Indian steelmaker Rashtriya Ispat Nigam Limited (RINL) has raised rebar prices by Rs1,500/mt ($20.24/mt) for rest of November deliveries, according to Davis Index sources. The company has also raised prices of other long products including wire rod by Rs500/mt ($6.74/mt) for the month. This is the second price hike by the company in November.
In Mumbai, the daily index for billet rose by Rs300/mt to settle at Rs37,000/mt ex-works with few deals. The daily index for rebar was unchanged at Rs 39,900/mt ex-works on healthy rebar sales. Rebar prices have risen by Rs1,000/mt this week on healthy sales.
In Mandi Gobindgarh, the daily index for ingot was up by Rs200/mt at Rs36,500/mt ex-works in line with rise in local scrap prices. The index for rebar was also up to Rs41,000/mt ex-works.
($1=Rs74.11)