The daily Davis Index for billet in Raipur increased Rs400/mt ($5.41/mt) to Rs39,700/mt ($541/mt) ex-works on Tuesday with many deals reported at index price for outstation market. Buyers are cautious as steel mills operators believed that prices are unlikely to climb this week as trade activities in the international market cease during the New Year holidays.
Pellet Sponge offers were at around Rs26,200-300/mt ($358.79/mt) ex-works Raipur, up by Rs100-200/mt with limited takers. The index for rebar was up by Rs300/mt ($4.09/mt) at Rs43,700/mt ($596.18/mt) ex-works Raipur.
In Mumbai, the daily index for billet was up by Rs100/mt to Rs41,800/mt ex-work with limited trade activity. The index for rebar rose by Rs200/mt to Rs47,200/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot increased by Rs700/mt at Rs40,400/mt ex-works, in line with the rise in scrap prices while the index for rebar rose by Rs1,000/mt to Rs45,000/mt ex-works.
In Kutch, the bi-weekly index for billet increased by Rs1,800/mt to Rs41,500/mt ex-works compared to last Thursday, in-line with the rise in rebar prices. The price rise is also supported by the increase in local scrap prices. Rebar was up by Rs1,400/mt to Rs48,000/mt ex-works.
In Chennai, the bi-weekly index for billet and rebar was up by Rs500/mt each to settle at Rs42,500/mt ex-works and Rs47,500/mt ex-works, respectively.
In Ludhiana, the bi-weekly index for ingot surged by Rs1,800/mt to settle at Rs 41,000/mt ex-works due to similar rise in local scrap prices.