The daily Davis Index for billet in Mumbai increased by Rs500/mt ($6.76/mt) and settled at Rs36,700/mt ($496.34/mt) ex-works on Friday with many deals reported at index prices. Steelmakers reported that demand of billet and rebar was positive on Friday and lot of trade activities took place across Maharashtra. The daily index for rebar was up by Rs300/mt ($4.05/mt) at Rs40,300/mt ($545.03/mt) ex-works.
Industry experts believe that demand is largely flowing in from infra projects led by government spending and that private projects are still lagging behind.
In Raipur, the daily index for billet remained unchanged at Rs34,400/mt ex-works with some trades reported for outstation market. Few steel mills are cautious on this sudden market uptick and are in wait-and-watch mode.
Pellet Sponge offers continue to sustain at Rs24,300-24,400/mt ex-works Raipur, with limited takers while the index for rebar was flat at Rs37,000/mt ex-works.
In Mandi Gobingarh, the daily index for ingot was up by Rs450/mt at Rs35,800/mt ex-works on the back of active trade while index for rebar was up by Rs400/mt at Rs40,100/mt ex-works on good demand.