Demand for billet and rebar picked up as construction activities have started gathering steam, lifting prices across the country.
The daily Davis Index for billet in Raipur surged by Rs1,000/mt ($14/mt) to Rs36,700/mt ($504/mt) ex-works on Wednesday due to robust demand from rolling mills.
The index for rebar also surged by Rs1,000/mt and settled at Rs41,000/mt ($563/mt) ex-works Raipur with healthy demand coming in from the infra projects. A steel mill operator said that this is the peak time for construction activities which lasts two months.
Pellet Sponge iron offers rose to Rs24,700-24,800/mt ($339-341/mt) ex-works which supported ingot, billet and rebar prices as well. Some Sponge deals were also heard at Rs24,300-24,500/mt.
In Mumbai, the daily index for billet increased by Rs800/mt at Rs39,000/mt and index for rebar increased by Rs700/mt at Rs43,300/mt ex-works Mumbai amid healthy rebar sales.
In Mandi Gobindgarh, the daily index for ingot rose by Rs700/mt to settle at Rs38,600/mt amid rise in local scrap and finished steel prices.