The daily Davis Index for billet in Raipur fell by Rs200/mt to reach Rs29,600/mt ($402.44/mt) ex-works due to limited buying. The daily index for rebar remained unchanged at Rs33,000/mt ($448.97/mt) ex-works. Despite moderate demand, steelmakers in Raipur are expecting it improve in the coming week. Pellet sponge also fell to Rs19,700/mt ($268.02/mt) ex-works, down by Rs200/mt from the prior day.
Indian steelmaker RINL sealed a deal for 30,000mt CC billets at $425 fob India this week on advance payment basis as per Davis Index sources. Buyers from China and other Southeast Asian countries including Thailand, Philippines and Sri-Lanka are actively bidding for the deal. Indian billet export prices have increased by $5-10/mt since mid-August – which is likely to reflect in the domestic market.
In Mumbai, the daily Davis Index for billet fell by Rs150/mt ($2.04/mt) at Rs30,350/mt ($412.92/mt) ex-works following fall in rebar prices. Billet offers were at Rs30400/mt with no takers at these prices. The daily Davis Index for rebar in Mumbai fell further by Rs200/mt ($2.72/mt) at Rs33,500/mt ($455.78/mt) ex-works on limited trades. Sources from mills based in Mumbai stated though trades were less on Friday, improvement can be expected in the coming days.
In Mandi Gobindgarh, the daily index for ingot decreased by Rs300/mt to settle at Rs32,700/mt ($444.78/mt) ex-works in line with fall in scarp prices. The daily index for rebar was down by Rs350/mt at Rs37,700/mt ($512.92/mt) ex-works on sluggish sales.
($1=Rs73.55)