The daily Davis Index for billet in Mumbai was down by Rs700/mt ($9.57/mt) to Rs41,800/mt ($571.97/mt) ex-works on Wednesday with very few buyers. No deals were reported at index price. A few billet sellers are even offering at Rs41,700/mt ($570.6/mt) but there are no buyers in the market, market participants told Davis Index. The index for rebar remained unchanged at Rs48,500/mt ($663.65/mt) ex-works Mumbai with moderate demand.
In Raipur, the daily Index for billet dropped by Rs400/mt to Rs40,400/mt ex-works on Wednesday, despite rise in iron ore prices by NMDC on Jan 6.
The National Mineral Development Corporation (NMDC) has raised iron ore prices by Rs200-500/mt in both lump and fines on the back of high international iron ore prices, with the benchmark of 62pc close to $167-168/mt cfr China. The new prices will be effective from January 6. The company had raised iron ore prices twice in December 2020.
Pellet Sponge offers remained flat at Rs26,700/mt ex-works Raipur while the index for rebar increased by Rs200/mt to Rs45,000/mt despite sluggish demand for the last couple of days.
In Mandi Gobindgarh, the daily index for ingot dropped by Rs500/mt while rebar fell by Rs200/mt, to Rs40,800/mt and Rs45,800/mt ex-works, respectively.