The daily Davis Index for billet in Raipur increased by Rs400/mt ($5.5/mt) to Rs35,700/mt ($491.05/mt) ex-works on Tuesday supported by healthy demand. Billets deals were heard at Rs35,500-35,600/mt ex-works. Suppliers expect the domestic market to remain firm in the near term and were unwilling to lower their asking prices.
Pellet Sponge iron offers were unchanged at Rs24,000/mt ($330/mt) ex-works. The index for rebar increased by Rs500/mt ($7/mt) and settled at Rs40,000/mt ($550/mt) ex-works Raipur with sustained demand at increased prices.
In the western region, the daily indexes for billet and rebar were unchanged at Rs38,200/mt and at Rs43,300/mt ex-works Mumbai, respectively, amid limited trades. In Jalna, rebar prices gained on Monday on robust demand. Trading activity, however, tapered on Tuesday. The bi-weekly index for billet rose by Rs600/mt to Rs37,300/mt ex-works from Thursday, while the index rebar increased by Rs400/mt to Rs44,000/mt ex-works Jalna in the period.
In Mandi Gobindgarh, the daily index for ingot rose by Rs400/mt to settle at Rs37,900/mt amid a rise in local scrap prices. In Ludhiana, the bi-weekly index for ingot was up by Rs500/mt to Rs38,000/mt ex-works.
In Chennai, the bi-weekly index for billet was up by Rs1,500/mt to Rs36,500/mt ex-works on Tuesday, while that for rebar surged by Rs2,000/mt to Rs42,000/mt ex-works.