The daily Davis Index for billet in Raipur increased by Rs400/mt ($5.43/mt) at Rs35,700/mt ($485.05/mt) ex-works on Friday due to high offers quoted by the sellers amid rise in Sponge and Pig iron prices.
However, demand is scarce at increased price with steel mills facing the heat on sales front for semis and finished products including rebar. The index for rebar rose by Rs200/mt ($2.71/mt) at Rs38,600/mt ($503.91/mt) ex-works with limited trades.
Pellet Sponge offers were at Rs24,800-900/mt ex-works Raipur, up by Rs200-300/mt with no takers. On Thursday, some deals were reported at Rs24,500/mt.
Meanwhile, international iron ore prices have shot up, crossing $150/mt this week which might keep domestic steel prices elevated for the rest of the month.
In Mumbai, the daily index for billet was up by Rs100/mt and settled at Rs37,900/mt ex-works on record higher imported scrap prices. The index for rebar remained unchanged at Rs42,500/mt ex-works with moderate demand witnessed in the last couple of days.
In Mandi Gobindgarh, the daily index for ingot rose by Rs500/mt at Rs37,900/mt ex-works in line with uptick in scrap prices, while the index for rebar was up by Rs500/mt at Rs42,500/mt ex-works.