The daily Davis Index for billet in Raipur rose by Rs200/mt ($2.7/mt) to settled at Rs35,700/mt ($483.08/mt) ex-works on Monday from Friday, with buyers from Hyderabad, Jalna, Silvassa and other regions doing brisk business. Some billet deals were reported at Rs35,500/mt and mills expect market to be bullish on the back of seasonal demand.
Pellet Sponge offers were at Rs25,000/mt ($341.06/mt) ex-works Raipur with no takers at these high prices as buyers are expecting some price correction in the near term. The index for rebar remained flat at Rs38,400/mt ($519.62/mt) ex-works.
In Mumbai, the daily index for billet in Mumbai fell by Rs300/mt to settle at Rs37,500/mt ex-works on Monday from Friday due to selling pressure, with no deal being heard at Index price. The index for rebar remained unchanged at Rs42,000/mt ex-works Mumbai.
In Mandi Gobindgarh, the daily indexes for ingot was up by Rs300/mt at Rs37,700/mt ex-works with rise in local scrap prices and for rebar was up by Rs500/mt at Rs42,000/mt ex-works.