The daily index for billet in Raipur was up by Rs200/mt ($2.72/mt) at Rs29,900/mt ($407.91/mt) ex-works on Monday from Friday in line with the rise in rebar prices. Billet offers were at Rs30,000/mt and bids at Rs29,800/mt but no deals were heard. Pellet sponge offers were still at Rs19,500/mt ($266.66/mt) ex-works, with no takers at these prices. The daily index for rebar remained flat at Rs33,000/mt ($449.59/mt) ex-works Raipur.
A few steel mills operators in Raipur shared that the city will be under strict lockdown from Monday night till Sep 28 to control the rapid rise of COVI-19 cases. They are seeking clarity on operation of steel mills and dispatching of goods during this period.
Meanwhile, pig iron supplies in Central India are expected to tighten following the temporary shut-down of Tata Metaliks’ plant, said traders. Offers for pig iron on Monday were at Rs28,000/mt ($381.99/mt) delivered Raipur and Rs27,500/mt ($375.17/mt) delivered Raigarh.
Recently, the Steel Authority of India Limited (Sail) conducted an auction of pig iron from its Bhilai unit with bids at Rs27,400/mt ($373.8/mt) ex-works. According to Davis Index sources, Sail refused the bids and cancelled the auction as the company believes it could achieve better prices in the next few days.
The daily Davis Index for billet in Mumbai was down by Rs200/mt at Rs30,700/mt ($418.82/mt) ex-works. A few billet deals were reported at index prices. The daily Davis Index for rebar in Mumbai remained unchanged at Rs34,200/mt ($466.57/mt) ex-works with limited trades.
In Mandi Gobindgarh, the daily index for ingot was marginally up by Rs50/mt at Rs32,900/mt ($448.84/mt) ex-works. The index for rebar remained unchanged at Rs37,700/mt ($513.62/mt) ex-works on moderate demand.