The daily index for billet in Raipur settled unchanged at Rs29,800/mt ($406.93/mt) ex-works, with a few billet trades at the index price. Pellet sponge prices too, were largely flat at Rs19,300-19,400/mt ex-works, with a bearing on billet prices. The index for rebar was also unchanged at Rs32,800/mt ex-works Raipur, despite moderate demand.
Mills in Raipur were hoping for prices to rise for both, semi-finished steel and rebar with NMDC increasing iron ore prices by Rs200-240/mt on Wednesday. But the market is yet to respond to this development.
In Mumbai, the daily Davis Index for billet in Mumbai settled flat at Rs31,300/mt ex-works, while the index for rebar rose by Rs100/mt at Rs34,800/mt ex-works with limited takers at increased prices.
In Mandi Gobindgarh, the daily Davis Index for ingot remained unchanged at Rs32,700/mt, and the index for rebar declined by Rs300/mt to Rs37,300/mt ex-works amid sluggish sales.
In Durgapur, the bi-weekly index for rebar dropped by Rs149/mt ($2.034/mt) to Rs31,451mt ($429.46/mt) ex-works from 31,600/mt ($431.50/mt) on Tuesday with a few deals reported at the index price. Manufacturers expect demand to revive during the festive season. The index for billet dropped by Rs112/mt ($1.529/mt) to Rs29,888/mt ($408.15/mt) ex-works Durgapur.
In Chennai, the bi-weekly Davis Index for rebar remained unchanged to Rs 34,750/mt ($474.48/mt), with a few deals reported at the index price. The index for billet, however, rose by Rs150/mt ($2.04/mt) to Rs30,650/mt ($418.5/mt).
In Jalna, the bi-weekly index for billet declined by Rs200/mt to Rs30,400/mt ex-works due to weak demand from rolling mills. A few mills thus sold billets in the Mumbai market. The index for rebar fell by Rs100/mt to Rs34,100/mt ex-works.
In Gujarat, the bi-weekly index for billet rose by Rs200/mt to Rs30,600/mt ex-works with buyers staying away from those price levels. The bi-weekly index for rebar settled unchanged at Rs33,900/mt ex-works.
In Ludhiana, the bi-weekly index for ingot also was flat at Rs 33,400/mt ex-works amid limited trades.