Billet prices increased in Mumbai, while It remained flat in Raipur. The daily Davis Index for billet in Mumbai increased by Rs900/mt ($12/mt) to Rs41,000/mt ($566/mt) ex-works on Monday from Friday, due to good demand from re-rolling mills. The price hike is also supported by the increase in local scrap prices. Most of the furnaces in Mumbai are preferring local scrap over imported due to better viability.
The index for rebar in Mumbai increased by Rs200 to Rs46,700/mt ex-works on sustained demand. Sources in the real estate industry in Mumbai shared that the recent 1pc rebate given by the Maharashtra government on stamp duty and registration of properties for women is expected to boost real estate sales.
In Raipur, the index for billet was flat at Rs38,500/mt ($532/mt) ex-works. Most of the furnaces in Chhattisgarh are staring at minimum inventory levels, so mills are under no pressure to reduce the prices of billet and rebar in the near term.
Pellet Sponge offers stayed firm at Rs27,300/mt ($377/mt) ex-works Raipur. The daily index for rebar remained unchanged at Rs42,400/mt ($586/mt) ex-works Raipur despite sluggish demand.
Indian mining company National Mineral Development Corporation (NMDC) has raised iron ore prices for lumps by Rs250/mt ($3/mt) and fines by Rs100/mt ($1/mt), for the rest of March deliveries. The move comes following a price hike in lump of Rs500/mt ($7/mt) by Odisha-based Essel Mining recently.
In Mandi Gobindgarh, the index for ingot was flat at Rs40,700/mt ex-works despite moderate demand for finished steel products.