The daily Davis Index for billet rose by Rs300/mt ($3.98/mt) on Friday and settled at Rs27,400/mt ($364.11/mt) ex-works Mumbai amid healthy demand from steel re-rolling mills. A rise in imported scrap offers by $5-7/mt also supported prices. Deals were heard at Rs27,300-27,400/mt ex-works.
The daily Davis Index for rebar remained unchanged and settled at Rs30,800/mt ($409.30/mt) ex-works Mumbai with limited trades.
In Mandi Gobindgarh, the daily index for ingot increased by Rs150/mt ($1.99/mt) to Rs30,250/mt ($401.99/mt) ex-works.
The daily index for billet was also up in Raipur by Rs400/mt ($5.31/mt) to Rs27,600/mt ($3.66/mt) ex-works on increase in pellet sponge prices and limited availability of steel semis. Pellet sponge iron prices were at Rs15,900-16,000/mt ex-works Raipur, up by Rs200-300/mt from a day ago.
The daily Davis Index for rebar remained flat and settled at Rs30,400/mt ($403.98/mt) ex-works Raipur with limited buying activity.