The daily Davis Index for billet in Mumbai increased by Rs500/mt ($6.68/mt) and settled at Rs31,800/mt ($425.13/mt) ex-works driven by a rise in imported scrap prices by $10/mt. The index for rebar was up by Rs300/mt ($4/mt) at Rs34,500/mt ($461.22/mt) ex-works. Prices have been on an uptrend this week despite limited demand amid ongoing heavy rains. Trades will remain thin until next week as India gears to celebrate Independence Day on August 15.
In Raipur, the daily Davis Index for billet in Raipur rose by Rs200/mt to settle at Rs31,100/mt ($415.1/mt) ex-works on the back of higher sponge and pig iron prices. Few deals were reported at Rs31,100/mt ex-works.
A rise in billet prices has impacted finished steel prices and the index for rebar increased by Rs600/mt to Rs34,600/mt ($462.56/mt) ex-works Raipur. Rebar trades were reported on Wednesday at Rs34,000/mt ex-works. But after sellers raised offers, trades dipped on Thursday.
In Mandi Gobindgarh, the daily index for ingot rose by Rs550/mt and settled at Rs33,550/mt ($448.52/mt ex-works on a rise in ferrous scrap and sponge prices. The daily index for rebar increased by Rs500/mt at Rs38,450/mt ($514.03/mt) ex-works.
In Durgapur, the bi-weekly index for rebar rose by Rs1,000/mt ($13.3/mt) to Rs33,500/mt ex-works from 32,500/mt ($434.5/mt) on Tuesday. Trading thinned amid subdued demand and thus, manufacturers are wary of any further hike in prices until August end at the minimum.
The index for billet rose by Rs1,516/mt (20.25/mt) to Rs31,583 ($422/mt) ex-works Durgapur amid high global ore prices and a supply crunch in the domestic market since rains have hampered mining activity in many parts of the country.
In Chennai, the bi-weekly, Davis Index for rebar dropped by Rs833/mt ($11.1/mt) to Rs35,533/mt ex-works ($474.7/mt) with a few deals were reported at the index price.The index for billet rose by Rs625/mt ($8.35/mt) to Rs30,825/mt ($411.8/mt).
In Jalna, the bi-weekly index for rebar was up by Rs300/mt at Rs34,900/mt ($466.57mt) ex-works from Tuesday. Mills are unsure of the rise in rebar prices sustaining, mainly since the bullish offers by sellers were not supported by trades. Billet prices increased marginally by Rs100/mt to Rs31,600/mt (422.45/mt) ex-works. Few deals reported at Rs31,500/mt.
In Gujarat, the bi-weekly index for rebar rose by Rs500/mt to Rs34,750/mt ($466.57/mt) ex-works and the index for billet was up by Rs300/mt to Rs32,150/mt (429.81/mt) ex-works. The price rise was also supported by a shortage of scrap and billets. Few mills in Kutch are actively selling billet in the overseas market.
In Ludhiana, the bi-weekly index for ingot increased by Rs750/mt to Rs 34,100/mt ($456.55/mt) ex-works from Tuesday due to an increase in sponge iron and local scrap prices.