Ingot and billet prices continued to rise in Raipur and Mandi Gobindgarh secondary markets. The daily Davis Index for billet in Raipur rose by Rs300/mt ($4/mt) to Rs41,700/mt ($571/mt) ex-works on Tuesday with moderate trades. Billet deals were heard at Rs41,600/mt in the first half of the day. Sellers pushed offers up thereafter to Rs41,700 ($571/mt). Prices also increased following a rise in Mandi Gobindgarh.
Pellet sponge prices increased by Rs300/mt to Rs29,700/mt ($406/mt) ex-works Raipur with healthy buying reported on Monday but markets were relatively quiet on Tuesday. The daily index for rebar was up by Rs400/mt ($5/mt) at Rs44,600/mt ($611/mt) ex-works on healthy demand.
In Mumbai, the daily index for billet marginally rose by Rs100/mt to Rs43,400/mt ex-works with few takers. The index for rebar was down by Rs200/mt at Rs48,500/mt ex-works on sluggish demand due to heavy rainfall across Mumbai.
In Mandi Gobindgarh, the daily index for ingot was up by Rs200/mt to Rs44,600/mt ex-works in line with a rise in local scrap prices.
In Chennai, the bi-weekly index for billet and rebar was unchanged at Rs43,000/mt and Rs47,000/mt ex-works on Tuesday compared to last week. Mills informed that rebar demand remained moderate for the week. Pellet sponge in Bellary was around Rs1,500/mt ($20/mt) lower than Raipur. On Tuesday, Bellary pellet sponge prices were around Rs28,200/mt ex-works.