Ingot and billet prices maintained their uptrend on Monday due to supply crunch. The Davis Index for billet in Raipur increased by Rs300/mt ($4.3/mt) to Rs39,000/mt ($538/mt) ex-works on Monday due to tight supply. Limited availability in the market was caused by integrated steel mills in Chhattisgarh consuming billet for their downstream products rather than selling outside.
Pellet Sponge offers stayed firm at Rs27,300/mt ($378/mt) ex-works Raipur with limited trades. The index for rebar was also up by Rs300/mt ($4/mt) at Rs42,500/mt ($586/mt) ex-works amid moderate demand.
In Mumbai, the index for billet increased by Rs600/mt to Rs41,000/mt ex-works following a rise in rebar prices and aided by the bullish billet market in Raipur. The index for rebar in Mumbai was up by Rs200/mt to Rs46,700/mt ex-works.
In Mandi Gobindgarh, the index for ingot increased by Rs500/mt to Rs40,900/mt ex-works amid increase in local scrap prices.