The daily Davis Index for billet in Raipur fell by Rs150/mt ($2.02/mt) at Rs33,250/mt ($448.41/mt) ex-works on Friday after maintaining an uptrend this week. Billet producers reduced offers on Friday as buyers are not accepting high prices. Pellet Sponge prices were flat at Rs22,900/mt ($308.87/mt) ex-works with no booking heard.
The daily Index for rebar remained flat at Rs35,300/mt ($476.06/mt) ex-works with slugglish demand throughout the week.
Iron ore pellet price will continue to hold in the near term amid shortage of iron ore in Odisha. Pellet prices in India have hit a two-year high and currently being traded at around Rs9,600-9,900/mt.
In Mumbai, the daily index for billet was up Rs300/mt at Rs34,300/mt ex-works owing to increase in imported scrap offers, and for rebar was up by Rs100/mt at Rs37,500/mt ex-works despite limited buying at increased prices.
RINL, also known as Vizag steel, has raised rebar prices by Rs1,000/mt ($13.5/mt) for November deliveries, according to Davis Index sources. The company has also raised prices of other long products such as billet, rounds, structural and wire rod by Rs1,000-1,500/mt for the month.
In Mandi Gobindgarh, the daily Index for ingot was down by Rs200/mt at Rs35,300/mt in line with fall in rebar prices. The index for rebar was also down by Rs200/mt at Rs39,600/mt ex-works.