The daily Davis Index for billet in Raipur rose by Rs300/mt ($4/mt) at Rs33,000/mt ($441.76/mt) ex-works on Wednesday on continuous elevated Sponge iron prices. Some billets deals reported at Rs32,800-900/mt.
Pellet Sponge offers were also increased to Rs22,500/mt ($301.2/mt) ex-works following increased in iron ore prices by NMDC. Last Pellet Sponge deals were heard at Rs22,300/mt.
The daily Index for rebar in Raipur was up by Rs300/mt at Rs35,300/mt ex-works in line with the increase in semi-finished steel prices.
In Mumbai, the daily index for billet in Mumbai was flat at Rs33,800/mt ex-works with some deals reported at index prices. Billet sellers increased offers to Rs34,000/mt following rise in imported scrap offers by $5-10/mt in the week, but buyers did not accept high prices. The index for rebar remained unchanged at Rs37,200/mt ex-works.
Primary mills have also raised long steel prices by Rs1,000-1,500/mt for November deliveries looking at increased prices in secondary market in the last one month. Rebar prices rose by Rs2,000/mt in the last 15 days in Mumbai’s secondary market.
In Mandi Gobindgarh, the daily Index for ingot was up by Rs400/mt at Rs35,000/mt with rise in local scrap prices while the index for rebar was up by Rs300/mt at Rs39,400/mt ex-works with improvement in trades.