The daily Davis Index for billet in Raipur rose by Rs200/mt ($2.71/mt) and settled at Rs35,200/mt ($478/mt) ex-works on Tuesday. Trade activities were low on Tuesday after healthy bookings reported on Monday. Besides, secondary steelmakers in Raipur are also waiting for price revision of iron ore for December by National Mineral Development Corporation (NMDC) which is generally announced in the beginning of the month.
Pellet Sponge offers were firm at Rs25,000/mt ($339.48/mt) ex-works Raipur with limited takers. The index for rebar rose by Rs400/mt to Rs38,000/mt ($516/mt) ex-works on healthy sales.
In Mumbai, the daily index for billet increased by Rs200/mt and settled at Rs37,700/mt ex-works with fewer trades. Steel mills cited that billet and rebar prices have risen for the last seven days but on Tuesday, buyers found it risky to buy at high prices, resulting in a dip in trades. The daily index for rebar rose by Rs200/mt at Rs41,100/mt ex-works, as sellers kept offers firm but rebar bookings were dull.
In Mandi Gobindgarh, the daily index for ingot rose by Rs200/mt at Rs36,500/mt ex-works in line with the rise in local scrap prices while the index for rebar was flat at Rs41,000/mt ex-works.
In Jalna, the bi-weekly index for billet climbed by Rs1,000/mt at Rs37,300/mt ex-works on rising local scrap prices and rise in demand from re-rolling mills. The index for rebar was up by Rs1,000/mt at Rs41,000/mt ex-works on Tuesday compared to Thursday.
In Durgapur, the bi-weekly index for billet and rebar increased by Rs1,200 and1,500/mt at Rs35,700/mt and Rs38,500/mt, ex-works, respectively.
In Chennai too, the bi-weekly index for billet and rebar was also up by Rs1,500 and 1,000/mt at Rs 37,500/mt and Rs41,000/mt, ex-works, respectively.
In Ludhiana, the bi-weekly index for ingot surged by Rs1,200/mt to settle at Rs 37,000/mt ex-works due to similar rise in local scrap prices.