The daily Davis Index for billet in Raipur rose by Rs600/mt ($8.09/mt) to Rs38,500/mt ($519.63/mt) ex-works on Monday from Friday. Billet sellers kept offers on hold despite the occasional demand at high prices while buyers preferred to wait-and-watch. The index for rebar increased by Rs500/mt ($6.74/mt) to Rs42,000/mt ($564.62/mt) ex-works despite sluggish demand.
Pellet Sponge offers were at around Rs26,200/mt ($566.87/mt) ex-works Raipur, up by Rs200/mt from last week. Meanwhile, international iron ore prices maintained uptrend and hovers around $164/mt cfr China in the spot market, a strong indication that domestic steel prices would remain firm in the near term.
In Mumbai, the daily index for billet rose by Rs200/mt and settled at Rs40,500/mt ex-works supported by high imported scarp prices. The index for rebar increased by Rs300/mt to Rs44,500/mt ex-works with limited trade activities.
In Mandi Gobindgarh, the daily index for ingot fell by Rs200/mt at Rs38,800/mt ex-works, while the index for rebar was down by Rs500/mt to Rs43,700/mt ex-works.