The daily Davis Index for billet in Mumbai increased by Rs300/mt ($4.06/mt) and settled at Rs38,000/mt ($515.04/mt) ex-works on Wednesday with few trades reported at index prices. Steel mills in Mumbai are witnessing substantial demand for rebar which is expected to be sustainable in near future. Re-rolling mills also increased their booking of ingot and billets on the expectation that prices will remain firm.
The daily index for rebar rose by Rs600/mt ($8.13/mt) at Rs41,700/mt ($565.19/mt) ex-works Mumbai. The price rise is also supported by lesser availability of the material.
In Raipur, the daily index for billet rises by Rs400/mt and settled at Rs35,700/mt ex-works on active trades. Some billet deals were reported at Rs35,600/mt. Few mills increased offers to Rs35,800/mt but no deal was heard beyond that.
Pellet Sponge offers were firm at Rs25,200/mt ex-works Raipur with limited takers. The index for rebar rose by Rs400/mt to Rs38,400/mt ex-works on healthy sales.
The National Mineral Development Corporation (NMDC) has also raised iron ore prices by Rs500/mt ($6.77/mt) for December deliveries. This is the eighth price hike by the company since June-end including two in November.
NMDC’s iron ore lumps are now priced at Rs4,500/mt ($60.99/mt) and fines at Rs4,110/mt ($55.7/mt) effective from December 2, according to a company release.
In Mandi Gobindgarh, the daily index for ingot rose by Rs600/mt at Rs37,300/mt ex-works in line with the rise in local scrap prices while the index for rebar was up by Rs500/mt at Rs41,500/mt ex-works.