Billet prices surged in Raipur and Mumbai amid healthy demand and tight supply.
The daily Davis Index for billet in Raipur surged by Rs800/mt ($11/mt) to Rs39,000/mt ($538/mt) ex-works on healthy demand from re-rolling mills. Limited availability of material along with firm Sponge prices supported prices.
Secondary steel mills are gearing for positive demand post-Holi with prices expected to increase for flat products by Rs2,000-3,000/mt ($28-41/mt) and rebar by Rs1,000/mt ($14/mt) in early April.
Pellet Sponge offers increased by Rs200/mt ($3/mt) to Rs27,500/mt ($379/mt) ex-works Raipur with limited takers. The daily index for rebar also increased by Rs500/mt ($7/mt) to Rs42,700/mt ($589/mt) ex-works Raipur on good bookings before the price increased.
In Mumbai, the index for billet surged by Rs800/mt to Rs40,800/mt with some deal reported at index price. The index for rebar increased by Rs400/mt to Rs46,400/mt ex-works.