Ingot and billet prices in India continued to increase in most secondary markets. Steel mills in Jalna reported healthy demand for rebar in the last two days.
The daily Davis Index for billet in Raipur was up by Rs600/mt ($8/mt) at Rs43,300/mt ($584/mt) ex-works on Thursday as sellers raised offers.
Demand for billets was firm as buyers stocked up materials amid anticipation of a bullish market in August, state suppliers in Central India.
Pellet sponge prices increased by Rs200/mt to Rs30,200/mt ($407/mt) ex-works Raipur. The daily index for rebar was up by Rs200/mt at Rs45,200/mt ($609/mt) ex-works Raipur.
In Mumbai, the daily index for billet rose by Rs500/mt at Rs45,000/mt ex-works as rebar prices increased. The index for rebar was up by Rs500/mt at Rs49,000/mt ex-works.
In Jalna, the bi-weekly index for billet rose by Rs300/mt to Rs45,000/mt ($606/mt) ex-works on Thursday from Tuesday, while rebar rose by Rs500/mt to Rs48,200/mt ($650/mt) ex-works due to healthy sales in the last two days.
In Mandi Gobindgarh, the daily index for ingot was up by Rs500/mt to Rs46,100/mt ex-works as local scrap prices increased.
In Durgapur, the bi-weekly index for billet rose by Rs700/mt to Rs43,100/mt ex-works, while the index for rebar increased by Rs500/mt to Rs45,000/mt ex-works. Good demand in the export market supported domestic steel prices.