The daily Davis Index for billet in Raipur increased by Rs800/mt ($10.88/mt) to Rs39,300/mt ($534.69/mt) ex-works on Monday from Thursday, in line with rise in rebar prices. Few billet deals were reported at Rs39,100-39,200/mt though trade activity was low for finished steel including rebar at increased prices, steel mills in Raipur reported.
Pellet Sponge offers were at around Rs26,000/mt ($353.74/mt) ex-works Raipur, unchanged but with no takers. The index for rebar was up by Rs700/mt ($9.52/mt) at Rs43,700/mt ($594.55/mt) ex-works Raipur with moderate demand.
Indian steelmaker Rashtriya Ispat Nigam Limited (RINL) has raised rebar prices by Rs1,000/mt ($13.58/mt) and wire rod by Rs500/mt ($6.79/mt) for rest of December deliveries, company official confirmed with Davis Index. New prices will be effective from December 28. This the fifth price hike by the company this month.
In Mumbai, the daily index for billet was up by Rs1,100/mt to Rs41,700/mt ex-work. Billet sellers are offering Rs41,800/mt but buyers are in wait-and-watch mode. The index for rebar rose by Rs1,300/mt to Rs47,100/mt ex-works, however, trades were low at increased prices.
In Mandi Gobindgarh, the daily index for ingot increased by Rs1,200/mt at Rs39,900/mt ex-works, in line with the rise in scrap prices while the index for rebar also rose by Rs1,000/mt to Rs44,500/mt ex-works.