The daily index for billet in Raipur Friday rose by Rs50/mt ($0.68/mt) and settled at Rs29,850/mt ($408.23/mt) ex-works amid uptick in sponge iron prices. Pellet sponge prices were stay firm at Rs19,300-19,400/mt ex-works, with limited deals heard at index prices. While, the index for rebar fell by Rs200/mt at Rs32,600/mt ex-works due to sluggish demand.
Few steel mills in Raipur cited uptick in ingot and billet prices in second half of Friday’s trade, however, trade activity in rebar market remained dull.
In Mumbai, the daily Davis Index for billet in Mumbai settled flat at Rs31,300/mt ex-works with few deals heard at index price. The index for rebar settled flat at Rs34,900/mt ex-works with good demand from the construction sector.
In Mandi Gobindgarh, the daily Davis Index for ingot remained unchanged at Rs32,700/mt, but the index for rebar fell by Rs200/mt to Rs37,100/mt ex-works amid low sales.