The daily Davis Index for billet in Raipur was up by Rs200/mt ($2.72/mt) to Rs38,400/mt ($522.44/mt) ex-works on Thursday on improved trades. Steel mills in Raipur are expecting markets to remain bullish in the new year, looking at strong demand in finished steel markets.
Pellet Sponge offers were at around Rs26,300/mt ($357.82/mt) ex-works Raipur, but had no takers. The index for rebar was flat at Rs42,600/mt ($579.59/mt) ex-works Raipur with moderate demand.
In Mumbai, the daily index for billet was up by Rs600/mt to Rs40,600/mt ex-works following rise in rebar prices. Many billet deals were reported at Rs40,500/mt. The index for rebar increased by Rs400/mt to Rs46,000/mt ex-works on surge in demand from traders.
In Mandi Gobindgarh, the daily index for ingot increased by Rs250/mt at Rs38,700/mt ex-works, in line with the rise in scrap prices while the index for rebar was up by Rs500/mt to Rs43,500/mt ex-works.
In Duragpur, the bi-weekly index for billet and rebar on Thursday remained unchanged at Rs38,500/mt ex-works and Rs42,500/mt ex-works, respectively, compared to Tuesday.
In Kutch, the bi-weekly index for billet increased by Rs600/mt to Rs39,600/mt ex-works and rebar was up by Rs400/mt to Rs46,600/mt ex-works.
In Chennai, the bi-weekly index for billet was flat at Rs42,500/mt.
In Ludhiana, the bi-weekly index for ingot was up by Rs200/mt to settle at Rs 39,200/mt ex-works due to similar rise in local scrap prices.