Ingot, billet and rebar prices rebound on Friday after dropping for the first four days of the week.
The daily Davis Index for billet in Raipur surged by Rs600/mt ($8/mt) to settle at Rs41,000/mt ($566/mt) on Friday as market bounced back as demand picked-up for the first time since Monday. Many deals were reported in the range of Rs40,800-40,900/mt. Increase in rebar prices is supporting this price hike.
Domestic steel prices in secondary market turned positive on Friday after iron ore prices in China registered an uptick after declining last week. Chinese iron ore prices had climbed to $233/mt on May 12 and has now softened to around $192/mt.
Offers for pellet sponge were up by Rs500/mt at Rs29,000/mt ($400/mt) ex-works. The daily index for rebar was up by Rs700/mt at Rs45,000/mt ($.620/mt) ex-works Raipur due to healthy demand.
In Mumbai, the index for billet and rebar remained flat at Rs42,000/mt and Rs48,000/mt ex-works, respectively, despite slow demand.
In Mandi Gobindgarh, the daily index for ingot was up by Rs900/mt to Rs44,500/mt ex-works, in sync with the rise in local scrap prices.