Ingot and billet prices rose in most Indian secondary markets on firm sponge iron, domestic and imported scrap prices.
The daily Davis Index for billet in Raipur increased by Rs300/mt ($4/mt) to settle at Rs42,900/mt ($588/mt) ex-works on Thursday following a rise in sponge rise prices.
Most of the secondary mills believe that domestic billet and rebar prices are most likely to remain firm in the near term considering the elevated input costs.
Offers for pellet sponge were up by Rs400/mt to Rs30,700/mt ex-works. The daily index for rebar rose by Rs500/mt ($7/mt) to Rs46,500/mt ex-works Raipur. Mills stated that rebar demand, which had picked up on Wednesday, cooled off on Thursday once mills raised offer prices.
In Mumbai, the daily index for billet was up by Rs500/mt at Rs43,500/mt ex-works due to a rise in imported scrap offers by $5/mt. The index for rebar settled flat at Rs47,700/mt ex-works.
In Jalna, the bi-weekly index for billet was up by Rs500/mt to Rs43,500/mt ex-works from Tuesday, and the index for rebar unchanged at Rs48,500/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was up by Rs450/mt at Rs46,450/mt ex-works following the rise in imported scrap prices.