The Davis Index for billet in Raipur rose by Rs1,400/mt ($19/mt) to Rs35,300/mt ($486/mt) ex-works from Friday aided by healthy rebar sales. Billets trades were heard in the range of Rs35,200-35,400/mt. Sentiment in central India is bullish amid firm Sponge iron prices and good demand for finished steel in the coming days.
Pellet Sponge offers increased to Rs24,000/mt ($331/mt) ex-works. The index for rebar rose by Rs500/mt ($7/mt) and settled at Rs39,500/mt ($544/mt) ex-works Raipur.
In Mumbai, the index for billet increased by Rs700/mt Friday to Rs38,200/mt ex-works. Offers were at Rs38,300/mt while bid at Rs38,100/mt ex-works. The index for rebar increased by Rs300/mt and settled at Rs43,300/mt ex-works Mumbai on healthy sales.
In Mandi Gobindgarh, the index for ingot surged by Rs1,500/mt from Friday to settle at Rs37,800/mt ex-works amid sustained finished steel demand.