Ingot and billet prices witnessed an uptick after downwards price correction since last few days. The daily Davis Index for billet in Raipur increased by Rs500/mt ($7/mt) to Rs38,800/mt ($536/mt) ex-works on Thursday with some deals reported at index price. Billet sellers received good demand after a lull in trade activities.
Secondary steel mills in Central India do not foresee finished steel demand to jump in the coming days till the festival of Holi.
Pellet Sponge offers were at Rs27,300/mt ($377/mt) ex-works Raipur. The daily index for rebar increased by Rs200/mt ($3/mt) to Rs42,600/mt ($588/mt) ex-works Raipur despite moderate demand.
In Mumbai, the index for billet marginally increased by Rs150/mt to Rs40,100/mt ex-works with stability in local scarp prices. The index for rebar in Mumbai remained unchanged at Rs46,700/mt ex-works for the fourth straight day.
In Durgapur, the bi-weekly index for billet increased by Rs100/mt to Rs39,100/mt ex-works on higher Sponge iron prices. The index for rebar increased by Rs 300/mt to Rs43,800/mt ex-works. Few steel mills said the demand remains subdued from state government projects due to upcoming assembly elections, but housing projects and other private projects are going on which is somehow supporting rebar demand.
In Chennai, the bi-weekly index for billet and rebar reduced by Rs500/mt to Rs40,500/mt and Rs45,500/mt ex-works, respectively, compared to Tuesday.
($1=Rs72.49)