The daily Davis Index for billet in Raipur increased by Rs300/mt ($4.01/mt) to settle at Rs30,800/mt ($412.31/mt) ex-works with increase in trade activities. Traders stocked material at lower prices at around Rs29,700-30,200/mt towards the end of last week, and the subsequent price hike brought down trade. The price rise is a result of hike in sponge iron, pig iron and local scrap prices.
Pellet sponge iron prices continued to remain high at Rs20,300-20,500/mt ex-works, up by Rs500/mt from prior day. The daily Davis Index for rebar also increased by Rs400/mt and settled at Rs33,900/mt ($453.81/mt) ex-works Raipur due to increase in semi-finished’s prices.
In Mumbai, the daily Davis Index for billet surged by Rs350/mt ($4.68/mt) and settled at Rs31,100/mt ($416.33/mt) ex-works. The daily Davis Index for rebar also rose by Rs200/mt to Rs33,900/mt ($453.81/mt) ex-works Mumbai, marking a fourth successive day of upward trend.
In Mandi Gobindgarh, the daily index for ingot increased by Rs100/mt and settled at Rs32,600/mt ($436.41/mt) ex-works on similar rise in scrap prices. The daily index for rebar was also up by Rs350/mt at Rs37,650/mt ($504.01/mt) ex-works.
In Durgapur, the bi-weekly index for rebar rose by Rs400/mt ($5.34/mt) to Rs32,500/mt ex-works from ($434.5/mt) from last Thursday amid sluggish demand. A few deals were reported on the index price.
The index for billet, however, rose by Rs842/mt ($11.25/mt) to Rs30,067 ($402/mt) ex-works Durgapur on the back of increasing iron ore prices. The manufacturers have chosen to wait and watch till end of August. They also fear iron ore supply may be hit after their lease expires in October. Additionally, the export of billets to Nepal and Bangladesh has witnessed an uptick further impacting the prices of semis in the domestic market.
In Chennai, the bi-weekly Davis Index for rebar dropped by Rs317/mt ($4.24/mt) to Rs34,500/mt ($461.5/mt) from the prior week amid sluggish demand due to heavy rains. A few deals were concluded at the index price. The index for billet fell by Rs117/mt ($1.56/mt) to Rs30,200/mt ($404.03/mt).
In Jalna, the bi-weekly index for rebar was up by Rs1,100/mt ($14.72/mt) at Rs 34,600/mt ($463.18/mt) ex-works from the prior price index. Billet prices were also up by Rs1,400/mt ($18.74/mt) at Rs31,500/mt ($421.68/mt) ex-works.
In Gujarat, the bi-weekly index for rebar fell by Rs800/mt ($10.7/mt) to Rs 34,250/mt ($458.5/mt) ex-works from the prior index price. The index for billet was up by Rs1,500/mt ($20.08/mt) to Rs31,850/mt ($426.37/mt) ex-works.
In Ludhiana, the bi-weekly index for ingot was up by Rs150/mt ($2/mt) at Rs 33,350/mt ($446.45mt) ex-works from the previous index.