The daily Davis Index for billet in Raipur marginally decreased by Rs50/mt ($0.68/mt) to Rs40,100/mt ($546.32/mt) ex-works on Monday from Friday amid limited buying. Some billet deals were reported at Rs40,000/mt.
Market participants cited that billet makers can hold prices for the next few days despite a dull market as rolling mills have booked enough quantity towards the end of last week. Upcoming Indian festivals like Makar Sankranti, Lohri and Pongal are likely to put rebar demand under pressure this week.
Pellet Sponge offers were at Rs26,000/mt ($354.22/mt) ex-works Raipur with no takers while the index for rebar remained unchanged to Rs45,300/mt ($617.16/mt) ex-works on Monday from Friday.
In the international market, imported iron ore prices have hit their highest level since September 2011 at around $170/mt cfr China, compared to $120/mt in the beginning of November 2020.
In Mumbai, the daily Index for billet remained unchanged at Rs41,400/mt ex-works with no deals heard. The index for rebar dipped by Rs100/mt to Rs47,900/mt.
In Mandi Gobindgarh, the daily index for ingot dropped by Rs700/mt to Rs40,700/mt, in line with fall in local scrap prices.