The daily Davis Index for billet in Raipur surged by Rs900/mt ($.12.23/mt) to Rs37,400/mt ($508.84/mt) ex-works on Wednesday on rise in Sponge iron prices along with uptick in finished steel prices though limited deals were reported by the steel mills. The index for rebar jumped by Rs1,400/mt ($19/mt) to Rs40,500/mt ($551/mt) ex-works with no deals.
Secondary steelmakers in Raipur have decided in a meeting on Tuesday that to offset the losses for the sharp hike in input costs, including iron ore’s, they will increased prices of ingot, billet and rebar by Rs1,000-2,000/mt ($13-27/mt) and will continue this hike for the next few days.
Pellet Sponge offers was at Rs25,500/mt ($346.93/mt) ex-works Raipur, but with no takers.
State-owned steelmaker Rashtriya Ispat Nigam Limited (RINL) announced the third price hike of the month on Wednesday for rest of December deliveries, as per Davis Index sources. The company raised rebar prices by Rs1,000/mt ($13.59/mt). New prices will be effective from Dec 16.
In Mumbai, the daily index for billet was up by Rs900/mt and settled at Rs39,600/mt ex-works with few trades reported. The index for rebar increased by Rs600/mt to Rs43,500/mt ex-works despite low trade activities
In Mandi Gobindgarh, the daily index for ingot was down by Rs200/mt to Rs38,400/mt ex-works, in line with fall in scrap prices, while the index for rebar remained flat at Rs43,500/mt ex-works.