The daily Davis index for billet in Mumbai increased by Rs500/mt ($6.7/mt) at Rs34,300/mt ($461.02/mt) ex-works following rise in rebar prices along with an uptick in demand. Steel mills in Mumbai raised rebar prices by Rs200-300/mt on Wednesday after being steady for last three days. Mills are positive about steel demand looking at the number of enquiries and orders from the traders and end-users. The daily index for rebar was up by 200/mt ($2.68/mt) and settled at Rs 37,800/mt ($508.06/mt) ex-works.
Rashtriya Ispat Nigam Limited (RINL) has again raised rebar prices by Rs800/mt ($13.5/mt) for rest of the November deliveries, according to Davis Index sources. The company has also raised prices of other long products by Rs1,000/mt. Earlier in the month, the company had raised prices by Rs1,000/mt.
In Raipur, the daily index for billet was up by Rs500/mt at Rs32,700/mt ex-works on Wednesday on sharp rise in Sponge iron prices along with healthy trades. Pellet Sponge offers were at Rs22,800/mt ex-works with no takers, with deals reported at Rs22,500/mt. A few private miners in Odisha have also raised iron ore fines by around Rs500/mt on Nov 10. The daily index for rebar was up by Rs500/mt to settle at Rs34,900/mt ex-works amid demand uptick.
In Mandi Gobindgarh, the daily index for ingot was up by Rs250/mt at Rs34,500/mt in line with increased in scrap prices. The index for rebar was up by Rs300/mt at Rs39,000/mt ex-works.