The daily Davis Index for rebar in Raipur Thursday increased by Rs400/mt ($5.21/mt) to Rs34,100/mt ($450.99/mt) ex-works on account of surge in ingot and billet prices coupled with healthy demand from outstation markets.
The index for billet surged by Rs700/mt and settled at Rs27,850/mt ex-works as sponge iron prices moved up. Offers for billets were heard at Rs28,000/mt and bids hovered below Rs27,800/mt. Last deal was reported at Rs27,600/mt.
Indian billet export prices rose by $10/mt to around $380/mt compared to last deal. Demand for billet in the overseas markets supported domestic prices. Large mills like JSPL, SAIL have been aggressively exporting semis including bloom, billet and pig iron. China is the top importer, followed by other South East Asian countries.
Pellet sponge prices were at Rs15,400-15,500/mt ex-works Raipur, up by Rs200-300/mt from prior day.
In Mandi Gobindgarh, the daily index for ingot increased by Rs500/mt to Rs31,050/mt ex-works due to rise in ferrous scrap prices and shortage of scrap.
The daily Davis Index for rebar remained unchanged at Rs34,300/mt ex-works Mumbai with limited deals. The daily index for billet was increased by Rs150/mt ($1.98/mt) to Rs28,650/mt ex-works Mumbai.