The daily Davis Index for billets Friday rose by Rs500/mt ($6.61/mt) to Rs28,100/mt ($371.69/mt) ex-works Mumbai helped by an increase in local ferrous scrap prices. Billet offers were at 28,200/mt and bids were heard at Rs28,000/mt, but no deal was reported.
Higher billet price failed to push up rebar prices due to higher inventory at mills. The daily Davis Index for rebar remained flat and settled flat at Rs31,700/mt ($419.58/mt) ex-works amid limited trades. Secondary steel mills were pressured to lowered prices by Rs200-300/mt to stimulate sales.
In Raipur, the daily Davis Index for rebar increased by Rs100/mt ($1.32/mt) and settled at Rs31,700/mt ($419.31mt) ex-works Raipur. Rebar manufacturers increased offers Friday by Rs200/mt, but buyers refrained from buying at higher prices. A few deals were reported at around Rs31,500-600/mt ex-works.
The daily index for billet remained unchanged and settled at Rs27,900/mt ex-works Raipur. Pellet sponge iron prices were at Rs15,700-15,800/mt ex-works Raipur, unchanged from the prior day. Secondary steel mills expect the price of finished steel prices to hold in the near term considering the increase in semi-finished steel prices.
In Mandi Gobindgarh, the daily index for remained unchanged at Rs30,800/mt ex-works amid moderate demand for semis and finished steel products.