Ingot and billet prices continued to maintain its uptrend due to limited availability amid the ongoing oxygen crisis, and an increase in input costs. The daily Davis Index for billet in Raipur surged by Rs1,000/mt ($14/mt) to Rs42,500/mt ($575/mt) ex-works on Monday due to higher sponge and Pig iron prices.
Offers for pellet sponge iron surged by Rs1,000/mt to Rs29,500/mt ($400/mt) ex-works Raipur but very few deals materialized at increased prices. Last pellet sponge deal was reported at Rs28,500/mt ($386/mt). The daily index for rebar was up by Rs500/mt ($7/mt) at Rs47,000/mt ($637/mt) ex-works.
In Mumbai, the index for billet increased by Rs500/mt to Rs44,500/mt ex-works following an increase in rebar prices along with rise in local scrap prices. The index for rebar was up by Rs400/mt to Rs49,900/mt ex-works. Mills have cut production as oxygen supply meant for industrial use has now been diverted to tackle the COVID-19 crisis.
In Mandi Gobindgarh, the daily index for ingot increased by Rs1,000/mt to Rs45,600/mt ex-works, in line with increase in local scrap prices.