The daily Davis Index for billet in Mumbai was marginally up by Rs100/mt ($1.35/mt) and settled at Rs36,200/mt ($489.98/mt) ex-works on Wednesday with some deals reported at Index prices.
Market participants indicated that ingot and billet prices will remain steady in near term due to high imported scrap prices along with supporting demand of finished steel including rebar. The daily index for rebar has remained flat since the beginning of the week at Rs39,900/mt ($540.06/mt) ex-works.
In Raipur, the daily index for billet was flat at Rs34,400/mt ex-works with limited trades. Few steel mills informed about sluggish demand due to inactive trades. Besides mills are also facing margin squeeze due to high iron ore prices along with low availability of material.
Pellet Sponge offers were at Rs24,500/mt ex-works Raipur, but buyers are targeting Rs24,200/mt, with no deal reported. The index for rebar remained unchanged at Rs37,000/mt ex-works with limited trade activities.
In Mandi Gobingarh, the daily index for ingot was up by Rs100/mt at Rs35,300/mt ex-works and index for rebar remained unchanged at Rs39,700/mt ex-works.