The daily Davis Index for billet in Mumbai on Wednesday rose by Rs100/mt ($1.36/mt) to settle at Rs32,100/mt ($437.92/mt) ex-works on the back of sustained demand and a rise in rebar prices. Billet offers were at Rs32,200/mt, while bids at Rs32,000/mt, with deals being reported at the index price. Billet prices have increased by Rs1,000/mt in Mumbai since Monday.
The index for rebar increased by Rs200/mt at Rs35,500/mt ex-works Mumbai. Construction activities have started picking up in the city since early-October, spurring the demand for structural steel including rebar.
In Raipur, the daily index for billet rose by Rs283/mt and settled at Rs30,533/mt ex-works amid increased Sponge iron prices. Sponge iron traded at Rs19,800/mt, with prices expected to remain firm due to tight supply. The index for rebar settled flat at Rs33,300/mt ex-works Raipur. Most buyers were unwilling to accept a rise in prices.
In Mandi Gobindgarh, the daily Davis Index for ingot increased by Rs350/mt to Rs33,450/mt on a similar rise in scrap prices. Ingot offers were at Rs33,500/mt and bids at Rs33,400/mt, with many deals reported at Rs33,400/mt. The index for rebar increased by Rs400/mt to Rs37,800/mt ex-works supported by improved sales.