The daily Davis Index for billet in Raipur dipped marginally by Rs50/mt ($0.68/mt) to Rs39,650/mt ($541.66/mt) ex-works on Wednesday due to lack of trades amid a silent market. Steel mills are trying to hold billet offers but buyers preferred to stay away from the market considering peak-level prices which are not expected to rise soon.
Pellet Sponge offers were at around Rs25,800-26,000/mt ($352-3555/mt) ex-works Raipur, down by Rs100-200/mt with very few deals heard. The index for rebar remained unchanged at Rs43,700/mt ($596.99/mt) ex-works Raipur.
In Mumbai, the daily index for billet was up by Rs100/mt to Rs41,700/mt ex-works. Billet sellers at Rs41,800/mt and bid at Rs41,600/mt but no deal were reported. The index for rebar rose by Rs200/mt to Rs47,500/mt ex-works on shortage of material. Steel mills operators in Mumbai said there in improvement in availability of local scrap which in turn building price pressure on billet.
In Mandi Gobindgarh, the daily index for ingot fell by Rs100/mt at Rs40,300/mt ex-works, in line with the decrease in local scrap prices while the index for rebar remained unchanged at Rs45,000/mt ex-works.