Ingot and billet prices climbed up on Tuesday in Raipur as sellers raised offers due to high sponge iron prices. Meanwhile, steelmaker Rashtriya Ispat Nigam Ltd (RINL) has announced a discount of Rs1,000-1,500/mt ($14-20/mt) to boost rebar sales.
The daily Davis Index for billet in Raipur rose by Rs300/mt ($4/mt) to settle at Rs42,700/mt ($582/mt) ex-works. Billet suppliers raised offers to Rs42,800/mt ($584/mt) but a few deals took place at Rs42,700/mt.
Offers for pellet sponge were at Rs31,000/mt ex-works, but buyers are asking for Rs400/mt less than that, with no takers. The daily index for rebar remained unchanged at Rs46,000/mt ex-works Raipur with a few rebar sales being reported in the first half of the day.
Most of the primary mills are selling rebar in overseas market amid weak domestic demand. Some rebar deals were reported at $687/mt FoB India recently.
In Mumbai, the daily index for billet dipped by Rs100/mt at Rs43,500/mt ex-works. The index for rebar remained unchanged at Rs47,900/mt ex-works despite sluggish rebar sales.
In Mandi Gobindgarh, the daily index for ingot was up by Rs100/mt to Rs46,100/mt ex-works. Most of the induction furnaces raised ingot offers but buyers did not accept higher prices.
($1= Rs73.31)