Ingot and billet prices increased in most secondary markets with sellers raising asking prices. Mills in Raipur increased rebar offers as sales improved in the last couple of days.
The daily Davis Index for billet in Raipur increased by Rs700/mt ($9/mt) to Rs43,200/mt ($580/mt) ex-works also on firm sponge prices. Trades, however, were limited at increased prices. Improvement in rebar sales have boosted ingot and billet prices, according to mills in Raipur.
Pellet sponge prices remained at Rs31,200/mt ($419/mt) ex-works Raipur with limited buyers. The daily index for rebar was up by Rs500/mt to Rs45,200/mt ($571/mt) ex-works Raipur on a healthy demand.
In Mumbai, the daily index for billet was up by Rs800/mt at Rs45,000/mt following an increase in rebar prices. The index for rebar was up by Rs300/mt Rs49,700/mt ex-works. Rebar prices also surged due to short supply.
In Mandi Gobindgarh, the daily index for ingot settled up by Rs500/mt at Rs45,300/mt ex-works in-line with a surge in local scrap prices.
($1= Rs74.42)