Ingot and billet prices increased in markets in Raipur and Mandi Gobindgarh. Market participants believed that local steel prices have reached lowest levels and are unlikely to decline any further.
The daily Davis Index for billet in Raipur was up by Rs200/mt ($3/mt) to Rs41,400/mt ($565/mt) ex-works on Friday amid good demand. The price rise in Raipur followed an uptrend in Mandi Gobindgarh.
Sellers in Central India are surprised with a sudden rise in demand in semis.
Buyers are actively looking to restock inventories on the anticipation of a surge in prices in the upcoming month.
Pellet sponge prices was around Rs29,400/mt ($401/mt) ex-works Raipur with few takers. The daily index for rebar was unchanged at Rs44,200/mt ($603/mt) ex-works Raipur.
In Mumbai, the daily index for billet declined by Rs400/mt to Rs43,300/mt ex-works following a fall in rebar prices. The index for rebar was down by Rs500/mt at Rs48,700/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was up by Rs200/mt to Rs44,400/mt ex-works in line with a rise in local scrap prices.
($1= Rs73.3)