The daily Davis Index for billet in Raipur rose marginally by Rs133/mt ($1.8/mt) to Rs37,500/mt ($510.2/mt) ex-works on Thursday on high Sponge iron prices. Some billet deals were reported at index prices, mostly for outstation market including Jalna and Pune. The index for rebar was up by Rs500/mt ($6.8/mt) to Rs40,500/mt ($551/mt) ex-works. Mills are expecting market to remain bullish going forward.
Pellet Sponge offers were at Rs25,700/mt ($349.65/mt) ex-works Raipur, up by Rs200/mt ($2.72/mt). A few deals were reported at Rs25,500/mt ($346.93/mt).
In Mumbai, the daily index for billet was up by Rs400/mt and settled at Rs40,000/mt ex-works on high imported scarp prices. The index for rebar increased by Rs400/mt to Rs44,200/mt ex-works with good demand.
In Mandi Gobindgarh, the daily index for ingot rose by Rs400/mt to Rs39,000/mt ex-works, in line with increased scrap prices, while the index for rebar rose by Rs500/mt to Rs44,000/mt ex-works.
In Jalna, the bi-weekly index for billet surged by Rs1,700/mt at Rs40,000/mt ex-works with some deal reported at index prices. The index for rebar increased by Rs2,200/mt to Rs44,500/mt ex-works, compared to Tuesday, on healthy demand reported on Wednesday which cooled off on Thursday.
In Chennai, the bi-weekly index for billet rose by Rs800/mt to Rs41,500/mt on account of rise in local and imported scrap prices. A few steel mills operators in Chennai shared that they have substantially reduced consumption of Sponge to below 10pc in the furnaces due to high Sponge prices, and increased the share of scrap. The index for rebar was up by Rs1,000/mt to Rs45,000/mt ex-works.
In Kutch, the bi-weekly index for billet was up by Rs300/mt to Rs39,000/mt ex-works and rebar up by Rs700/mt to Rs45,200/mt ex-works, compared to Tuesday.