Ingot and billet prices in India rose in some secondary markets, driven by positive cues from Mandi Gobindgarh and Mumbai.
The daily Davis Index for billet in Mumbai, Friday, rose by Rs300/mt ($4/mt) to Rs41,900/mt ($562/mt) ex-works on the back of improved demand amid a rise in rebar prices. Some billet deals heard at Rs41,800/mt ($560/mt), which prompted suppliers to raise offers.
Healthy rebar sales in Mumbai pushed the Davis Index for rebar up Rs200/mt to settle at Rs46,400/mt ($622/mt) ex-works on Friday. Rebar prices have increased by Rs700/mt in the last three days.
In Raipur, the daily index for billet was up Rs200/mt to settle at Rs40,600/mt as sellers increased offers. However, higher prices limited trades. The price rise was also supported by positive cues from Mandi Gobindgarh and Mumbai markets.
Pellet sponge offers at Rs28,800/mt ($389/mt) ex-works Raipur with limited takers. Most of the induction furnaces in the region have either shut units or are running at 50pc capacity due to margin squeeze. The index for rebar was down by Rs100/mt at Rs42,000/mt ex-works Raipur, with good sales at lower prices.
In Mandi Gobindgarh, the daily index for ingot was up by Rs300/mt at Rs43,300/mt ex-works in line with a rise in local scrap prices.
($1= Rs74.62)