Ingot and billet maintained its upward movement on Friday. The daily Davis Index for billet in Raipur increased by Rs700/mt ($10/mt) to Rs38,000/mt ($525/mt) ex-works with some deals reported at index price. Billet suppliers are eager to sell material as prices have gone quite high and are waiting for price direction depending on how primary producers revise the prices early next month.
Pellet Sponge offers stayed at Rs26,000/mt ($360/mt) ex-works with no takers. The index for rebar increased by Rs800/mt ($11/mt) at Rs41,800/mt ($578/mt) ex-works Raipur on sustained rebar sales.
In Mumbai, the daily index for billet remained unchanged at Rs40,300/mt ex-works with limited trade activities. The index for rebar rose by Rs200/mt at Rs45,200/mt ex-works despite moderate demand at increased prices.
In Mandi Gobindgarh, the daily index for ingot increased by Rs200/mt at Rs39,900/mt ex-works, in line with the marginal rise in scrap prices.