The daily Davis Index for billet in Mumbai surged by Rs500/mt ($6.82/mt) to settle at Rs32,000/mt ($437.57/mt) ex-works on rise in imported scrap prices coupled with continuous demand from the rolling mills. Some deals were reported at index prices. Billet prices increased by Rs800-1,000/mt in last two days. The index for rebar was up by Rs300/mt at Rs35,300/mt ex-works with healthy sales.
In Raipur, the daily index for billet was marginally up by Rs50/mt and settled at Rs30,250/mt ex-works on increase in sponge iron price. On Monday, pellet sponge traded at Rs19,400-19,500/mt ex-works in larger quantity and on Tuesday, sellers increased offers by Rs100-300/mt but had very few takers.
The index for rebar rose by Rs200/mt at Rs33,200/mt ex-works Raipur but demand is not so good at these increased prices. Still, mills are upbeat about demand’s direction in near term.
In Mandi Gobindgarh, the daily Davis Index for ingot was up by Rs100/mt at Rs33,100/mt with similar rise in scrap prices. The index for rebar also increased by Rs100/mt to Rs37,400/mt ex-works.
In Durgapur, the bi-weekly index for rebar rose by Rs924/mt ($12.604/mt) to Rs32,375mt ($441.57/mt) ex-works on Tuesday from 31,451/mt ($428.97/mt) with a few deals reported at the index price.
The manufacturers cited high volatility in the market and are unsure of festive demand’s revival. The index for billet increased by Rs612/mt ($8.34/mt) to Rs30,500/mt ($416.04/mt) ex-works Durgapur.
In Chennai, the bi-weekly Davis Index for rebar rose by Rs250 ($3.41/mt) to Rs 35,000/mt ($477.4/mt) with a few deals reported at the index price. The index for billet jumped by Rs850/mt ($11.59/mt) to Rs31,500/mt ($429.7/mt)
In Jalna, the bi-weekly index for billet surged by Rs700/mt to Rs31,300/mt ex-works due to steady local demand and from Gujarat. Last billet deals reported at 31,000/mt. Tuesday’s billet offers at Rs31,400/mt did not yield any deals. The index for rebar was up by Rs800/mt to Rs34,800/mt ex-works on positive buying across Maharashtra.
In Gujarat, the bi-weekly index for billet shot up by Rs1,000/mt to Rs31,600/mt ex-works in line with rise in rebar prices. The bi-weekly index for rebar also increased by Rs900/mt Rs34,800/mt ex-works. A rebar mill operator said that rebar sales are not very encouraging at increased prices but on other hand we have to purchase billets at higher prices.
In Ludhiana, the bi-weekly index for ingot was up by Rs400/mt at Rs 33,800/mt ex-works amid better trades.