Ingot and billet maintained its uptrend on Thursday amid limited trades. The Davis Index for billet in Raipur increased by Rs300/mt ($4/mt) to Rs38,700/mt ($533/mt) ex-works on Thursday on higher Sponge iron prices. Billet suppliers continue to maintain firm offers, unable to reduce it as Sponge and Pig iron prices still remain high. However, trades are subdued at higher prices.
Pellet Sponge offers stayed firm at Rs27,300/mt ($376/mt) ex-works Raipur and mills are expecting it to remain range-bound in near term. The index for rebar increased by Rs200/mt ($3/mt) to Rs42,300/mt ($582/mt) ex-works Raipur.
In Mumbai, the indexes for billet and rebar in Mumbai remained unchanged at Rs40,000/mt and Rs46,000/mt ex-works, respectively. Market was silent due to minimal trade activity amid Mahashivratri celebration in India on Thursday. In Jalna, rebar prices remained flat, driven by demand in the week. The bi-weekly index for billet rose marginally by Rs100/mt to Rs40,700/mt ex-works Jalna from Tuesday, while rebar remained flat at Rs47,000/mt ex-works.
In Mandi Gobindgarh, the index for ingot increased by Rs900/mt to Rs40,500/mt ex-works with a rise in local scrap prices.
In Durgapur, the bi-weekly index for billet increased by Rs1,000/mt to Rs38,500/mt ex-works. The index for rebar increased by Rs 500/mt to Rs43,000/mt ex-works.
($1=Rs72.65)