Ingot and billet prices continued its upsurge on Tuesday due to the pressure of high input cost. The daily Davis Index for billet in Raipur increased by Rs350/mt ($5/mt) to Rs41,800/mt ($569/mt) ex-works as Sponge and Pig iron prices remained high. A few billet deals were reported at index price.
Pellet Sponge offers reached an all-time high of 30,200/mt ($411/mt) ex-works Raipur, though no trades were reported at such high prices. The daily index for rebar remained unchanged at Rs45,000/mt ($613/mt) ex-works Raipur despite sluggish demand.
In Mumbai, the index for billet decreased by Rs600/mt to Rs42,400/mt as supply exceeded demand. The index for rebar remained unchanged at Rs47,900/mt ex -works.
In Mandi Gobindgarh, the index for ingot surged by Rs1,000/mt to Rs43,800/mt, in line with rise in local scrap prices.
In Chennai, the bi-weekly index for billet rose by Rs500/mt to Rs44,000/mt following a rise in rebar prices. The index for rebar was up by Rs1,000/mt to Rs49,000/mt ex-works on Tuesday compared to last Thursday. Steel mills’ operators said markets in Tamil Nadu were closed due as state assembly elections were held on Tuesday.
State-owned steelmaker Steel Authority of India Limited (Sail) increased HRC prices by Rs4,500/mt ($61/mt), and rebar prices by Rs2,500- 3,000/mt ($34-41/mt) for April deliveries.
($1=Rs73.42)