Semi-finished steel prices rose in Raipur and Mandi Gobindgarh but trended down in Mumbai and Jalna on Thursday.
The daily Davis Index for billet in Raipur was up by Rs400/mt ($4/mt) to Rs41,100/mt ($552/mt) ex-works on Thursday as sellers increased offers after reports of billet export deals at increased prices. The rise was also supported by an improvement in finished steel demand, including rebar in Central India. In the domestic market, some deals were also heard at Rs41,000/mt ($550/mt) ex-works.
Few sources informed Davis Index that some billet deals reported at Rs43,000/mt ($577/mt) ex-works Durgapur recently. These billets are likely to be shipped to Nepal.
Pellet sponge prices were unchanged at Rs29,000/mt ($390/mt) ex-works Raipur. The daily index for rebar was up by Rs300/mt ($4/mt) at Rs43,800/mt ($588/mt) ex-works Raipur on healthy sales.
In Mumbai, the daily index for billet was down Rs500/mt at Rs42,500/mt amid a fall in local scrap prices. The index for rebar was unchanged at Rs47,600/mt ex-works Mumbai despite moderate demand.
In Mandi Gobindgarh, the daily index for ingot rose by Rs400/mt to Rs42,700/mt ex-works.
In Durgapur, the bi-weekly index for billet marginally up by Rs100/mt to Rs40,800/mt, and the index for rebar rose by Rs500/mt to Rs44,000/mt on Thursday compared to Tuesday.
($1= Rs74.56)