The daily Davis Index for billet in Raipur marginally increased by Rs50/mt (0.68/mt) to Rs40,100/mt ($547.36/mt) ex-works on Friday with good demand reported by steel mills. Many billet deals were reported at Rs40,100/mt ($547.36/mt). Under pressure to sell ingots and billets since last couple of days amid subdued trading, the market witnessed positive sentiment on Friday.
Pellet Sponge offers were at Rs26,000/mt ($354.9/mt) ex-works Raipur, down by Rs200-300/mt from the previous day, while the index for rebar remained unchanged to Rs45,300/mt ($618.34/mt) as prices are still high compared to neighbouring markets, traders informed. Meanwhile, re-rolling mills in Raipur continue to hold rebar prices despite low demand.
In Mumbai, the daily Index for billet increased by Rs100/mt to Rs41,400/mt ($563.43/mt) ex-works with few trades. The index for rebar fell by Rs500/mt at Rs48,000/mt ex-works after as mills reduced offers on Friday holding back for the last few days. The subsequent reduction in prices aided trades.
In Mandi Gobindgarh, the daily index for ingot increased by Rs400/mt to Rs40,700/mt, in line with rise in local scrap prices.