The daily Davis Index for billet in Raipur increased by Rs1,100/mt ($15.06/mt) to Rs40,600/mt ($556.01/mt) ex-works on Monday from Thursday but demand is moderate at high prices. Few steel mills in Central India are cautious whether the prices will sustain or not, while some feel that there is no reason for the prices to decline in the near term if high iron ore prices prevail in the domestic market.
Pellet Sponge offers were at around Rs26,500/mt ($362.96/mt) ex-works Raipur, up by Rs200-400/mt from Thursday. The index for rebar increased by Rs600/mt ($8.21/mt) to Rs44,300/mt ($606.76/mt) ex-works Raipur.
India’s primary steelmakers have raised steel prices by Rs1,500-3,000/mt ($21-41/mt) for both, long and flat products for January deliveries, according to Davis Index’s sources.
State-owned company Steel Authority of India Limited (Sail) announced on Monday flat product price hike of around Rs3,000/mt ($41/mt) and long products by Rs1,000-1,700/mt ($14-23/mt) for the month.
In Mumbai, the daily index for billet surged by Rs950/mt to Rs42,350/mt ex-works on Monday from Thursday. Billet offers were at Rs42,500/mt and bid at 42,200/mt but no deals were heard. The index for rebar rose by Rs500/mt to Rs48,200/mt ex-works due to healthy demand reported by the steel mills.
In Mandi Gobindgarh, the daily index for ingot surged by Rs1,050/mt to Rs41,300/mt ex-works, in line with the increase in local scrap prices while the index for rebar rose by Rs1,000/mt to Rs46,000/mt ex-works on Monday from Thursday.