The daily Davis Index for billet in Mumbai was up by Rs150/mt ($2.04/mt) to Rs42,500/mt ($580.28/mt) ex-works on Tuesday with a few deals reported at index price. Re-rolling mills are hesitant to buying billets at high prices as they have booked enough quantity at lower prices, according to some steel mills in Mumbai.
The index for rebar rose by Rs300/mt ($4.09/mt) to Rs48,500/mt ($662.2/mt) ex-works Mumbai due to sustained demand reported by the steel mills.
State-owned company Rashtriya Ispat Nigam Limited (RINL) has raised long products prices on Tuesday by Rs2,000-2,500/mt ($27-34/mt) for January deliveries, according to Davis Index’s sources.
In Raipur, the daily Index for billet increased by Rs200/mt to Rs40,800/mt ex-works on Tuesday, however, demand is dull at high prices. Steel mills in Central India are waiting for the new iron ore price by the National Mineral Development Corporation (NMDC) which revises prices in the beginning of each month.
Pellet Sponge offers were at around Rs26,700/mt ex-works Raipur, up by Rs200/mt from Monday. The index for rebar increased by Rs500/mt to Rs44,800/mt ex-works Raipur. Steel mills cited that rebar demand is picking up well since last two weeks, a positive indication for finished steel market. They informed that many enquiries are coming from the South, mainly Karnataka, due to better viability.
In Mandi Gobindgarh, the daily index for ingot and rebar was flat at Rs41,300/mt and Rs46,000/mt ex-works, respectively.
In Duragpur, the bi-weekly index for billet and rebar on Tuesday increased by Rs1,000/mt at Rs40,500/mt ex-works and Rs45,000/mt ex-works, respectively, compared to last Thursday.
In Kutch, the bi-weekly index for billet increased by R800/mt to Rs42,300/mt ex-works and rebar was up by Rs300/mt to Rs48,300/mt ex-works.
In Ludhiana, the bi-weekly index for ingot was up by Rs1,000/mt to settle at Rs 42,000/mt ex-works due to similar rise in local scrap prices.