Semi-finished steel prices rose in Raipur and Mandi Gobindgarh. Sail’s Rourkela pig iron auction received bids of Rs37,300-37,500/mt ($502-505/mt) ex-works.
The daily Davis Index for billet in Raipur rose Rs400/mt ($5/mt) to Rs42,700/mt ($575/mt) ex-works on Wednesday, driven by healthy sales in local and outstation markets. Some deals were also reported from Gujarat.
Some secondary steel mills in Raipur preferred to sell billets instead of rebars as demand for the latter remained weak for the past few weeks. Construction activities have slowed down due to the heavy rains in central India.
Meanwhile, pig iron prices inched up on July 28 in an auction conducted by Sail’s Rourkela unit. Bids were at Rs37,300-37,500/mt ($502-505/mt) ex-works Rourkela.
Pellet sponge prices stayed firm at Rs30,000/mt ($403/mt) ex-works Raipur. The daily index for rebar was flat at Rs45,000/mt ($605/mt) ex-works Raipur.
In Mumbai, the daily index for billet remained unchanged at Rs44,500/mt ex-works and the index for rebar rose Rs200/mt to Rs48,700/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was up by Rs200/mt at Rs45,500/mt ex-works as local scrap prices increased.
($1= Rs74.39)