In Mumbai, the daily Davis Index for billets Friday surged by Rs650/mt ($8.68/mt) and settled at Rs28,450/mt ($380.34/mt) ex-works backed by healthy buying from rolling mills producing structural steel products. The price rise is also supported by a $5-10/mt increase in imported scrap offers and a hike in domestic sponge prices driven by export of billets. Secondary steel mills in Mumbai preferred to buy sponge iron from Bellary, Karnataka due to shorter delivery time.
Indian steel producers are actively exporting billets. A recent deals was heard at around $395/mt fob India.
The daily Davis Index for rebar rose by Rs300/mt and settled at Rs31,500/mt ex-works Mumbai in line with the rise in inputs cost along with improved demand.
In Raipur, the daily index for billet rose by Rs400/mt and settled at Rs28,800/mt ex-works due to increase in pellet sponge iron and pig iron prices. Pellet sponge iron prices traded at Rs17,100-17,200/mt ex-works Raipur, up by Rs400-500/mt. The daily Davis Index for rebar increased by Rs400/mt and settled at Rs31,500/mt ex-works Raipur.
In Mandi Gobindgarh, the daily index for ingot rose by Rs200/mt to Rs30,750/mt ex-works on Friday with a similar rise in scrap prices. The daily index for rebar rose by Rs150/mt to Rs35,900/mt ex-works Mandi Gobindgarh.
($1= Rs74.82)