Ingot and billet prices increased in Raipur and Mandi Gobindgarh as demand picked-up on Friday ending the brief lull in the market.
The daily Davis Index for billet in Raipur rose by Rs600/mt ($8/mt) to Rs42,200/mt ($575/mt) ex-works on Friday as demand from re-rolling mills picked-up. Some billet deals were reported at Rs42,000/mt ($572/mt). Thereafter, billet suppliers increased offers, but buyers were unwilling to accept those levels.
Secondary mills in Raipur noted that higher global steel prices are supporting local prices. In spite of healthy rebar inquiries on Friday, trades remained moderate due to lockdowns and restriction in many states till May 15.
Offers for pellet sponge iron remained flat at Rs29,000/mt ($395/mt) ex-works with limited takers. The daily index was rebar was up by Rs200/mt ($3/mt) to Rs46,000/mt ($627/mt) ex-works Raipur.
In Mumbai, the indexes for billet and rebar remained unchanged at Rs45,500/mt and Rs50,600/mt ex-works, respectively.
In Mandi Gobindgarh, the daily index for ingot was up by Rs700/mt to Rs45,800/mt ex-works.