Indian ingot and billet prices maintained an uptrend on increased buying. JSW and RINL hiked rebar prices by Rs2,700/mt ($36/mt) and Rs1,500/mt ($20/mt), respectively, for August deliveries.
In Mumbai, the daily index for billet rose by Rs300/mt Rs45,500/mt ex-works,while the index for rebar was also up Rs200/mt at Rs49,500/mt ex-works.
The daily Davis Index for billet in Raipur remained unchanged at Rs43,500/mt ($587/mt) ex-works on Wednesday.
Few billet suppliers in Central India are running short of material for deliveries amid healthy bookings in the last few days. Semi-finished steel prices could rise in the near term also supported by an increase in sponge iron offers.
Pellet sponge prices were up by Rs500/mt ($7/mt) at Rs31,100/mt ($420/mt) ex-works Raipur. The daily index for rebar remained unchanged at Rs45,200/mt ($610/mt) ex-works Raipur.
In Mandi Gobindgarh, the daily index for ingot was up by Rs500/mt to Rs46,300/mt ex-works.