Indian semi-finished steel prices gained on Monday. Rebar prices in Mumbai also increased by Rs400/mt ($6/mt) on an improvement in trading.
The daily Davis Index for billet in Raipur was up by Rs400/mt ($3/mt) to Rs42,500/mt ($571/mt) ex-works on Monday from Friday. Billet suppliers in Raipur kept offers firm citing low availability of material amid production cuts.
Some of the secondary mills based in Raipur, which had shut partial operations earlier this month could resume in early August. Few re-rolling mills had also started production from Monday.
Pellet sponge prices were unchanged at Rs29,700/mt ($400/mt) ex-works Raipur. The daily index for rebar was flat at Rs45,000/mt ($604/mt) ex-works Raipur.
In Mumbai, the daily index for billet rose by Rs400/mt to Rs44,200/mt on healthy demand. The index for rebar was up by Rs400/mt to Rs48,400/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot rose by Rs500/mt to Rs45,500/mt ex-works.