Healthy demand for billets and ingots in Raipur and Mumbai spurred buying activity in the Indian secondary steel market on Wednesday. Market participants expect prices to sustain and settle at realistic levels this week.
The daily Davis Index for billet in Raipur, Wednesday, rose by Rs700/mt ($9.61/mt) to Rs34,400/mt ($472.41/mt) ex-works from Tuesday. Some billet deals were heard at Rs34,300/mt ex-works Raipur on Wednesday.
In Raipur, the daily index for ingots increased by Rs1,000/mt ex-works producer, while the index for rebar settled unchanged at Rs38,600/mt ex-works Raipur.
Pellet Sponge prices, Wednesday, rose to Rs23,500/mt ($322/mt) ex-works up Rs200/mt from the prior day.
In Mumbai, the daily index for billet rose by Rs700/mt to Rs36,700/mt ex-works amid healthy buying. Rebar prices were firm in the city and the index settled unchanged at Rs42,500/mt ex-works Mumbai.
Amid healthy buying, the daily index for ingot in Mandi Gobindgarh, Wednesday, rose by Rs600/mt to Rs37,100/mt as domestic scrap supplies tightened. The rebar index for Mandi producers rose by Rs700/mt to Rs41,700/mt from Tuesday.