Billet prices continued its uptrend backed by moderate demand. The daily Davis Index for billet in Raipur increased by Rs700/mt ($10/mt) to Rs38,500/mt ($524/mt) ex-works on Monday from Friday on high Sponge iron prices. However, billet suppliers reported that demand and trade activities were significantly low as market was silent, with buyers in wait-and-watch mode.
Induction furnaces (IF) or Electric Arc Furnaces (EAF) in Central India are not willing to reduce ingot and billet offers due to cost pressure and record high prices of Sponge iron.
Pellet Sponge offers rose to Rs27,000/mt ($368/mt) ex-works with no takers. The index for rebar increased by Rs900/mt ($12/mt) to Rs42,700/mt ($582/mt) ex-works Raipur on moderate demand.
In Mumbai, the daily index for billet increased by Rs1,200/mt to Rs41,500/mt ex-works following an increase in rebar prices. The index for rebar increased by Rs1,100/mt at Rs46,300/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot increased by Rs500/mt to Rs40,400/mt ex-works, in line with rise in scrap prices.