The daily Davis Index for billet in Mumbai increased by Rs500/mt ($6.8/mt) at Rs39,700/mt ($546.8/mt) ex-works following rise in rebar prices. Few billet deals were reported at index prices. The index for rebar was up by Rs500/mt to Rs44,500/mt ($612.9/mt) amid healthy demand from mills whose inventories are getting over.
In Jalna, the bi-weekly index for billet rose by Rs1,700/mt ($23.4/mt) to Rs39,000/mt ($537.1/mt) ex-works on Thursday compared to Tuesday, while rebar increased by Rs1,000/mt ($13.7/mt) to Rs45,000/mt ($619.8/mt) ex-works.
In Raipur, the daily index for billet marginally increased by Rs100/mt to Rs36,800/mt ex-works on Thursday as mills held back offers due to over-booking of material in the past few days. A few billets sellers did not show interest in new deals, preferring to first dispatch material of previous deals amid delivery challenges.
Meanwhile, Pellet Sponge offers rose to Rs25,100-25,300/mt ex-works. The index for rebar was unchanged and settled at Rs41,000/mt ex-works Raipur, with robust demand since starting of the week.
In Mandi Gobindgarh, the daily index for ingot was up marginally by Rs100/mt to settle at Rs38,700/mt amid limited trades. In Ludhiana, the bi-weekly index for ingot was up by Rs1,000/mt to Rs39,000/mt ex-works from Tuesday.
In Chennai, the bi-weekly index for billet increased by Rs2,500/mt to Rs39,000/mt ex-works on Thursday. A few billets were heard at Rs38,500/mt. Rebar surged by Rs2,000/mt to Rs44,000/mt ex-works in the same period.
($1=Rs72.6)