The daily Davis Index for billet in Raipur increased by Rs200/mt ($2.7/mt) at Rs36,500/mt ($496.59/mt) ex-works on Tuesday on high Sponge iron prices but with limited deals reported by the steel mills. The index for rebar remained flat at Rs39,100/mt ($531.97/mt) ex-works.
Pellet Sponge offers was at Rs25,400/mt ($345.57/mt) ex-works Raipur, up by Rs400/mt but with no takers. The maximum a deal went was till Rs25,000/mt ($340.13/mt).
The National Mineral Development Corporation (NMDC) has raised iron ore prices by Rs500-700/mt on the back of high international iron ore prices, with the benchmark of 62pc close to $155-160/mt CFR China. Prices have also increased due to continuous shortage of material. This is the second price hike by NMDC in the month, which was largely anticipated. The new price hike will be effective from December 15.
In Mumbai, the daily index for billet was up by Rs100/mt and settled at Rs38,700/mt ex-works despite low trades. The index for rebar remained unchanged at Rs42,900/mt ex-works with sluggish demand since last two days.
In Mandi Gobindgarh, the daily index for ingot rose by Rs400/mt to Rs38,600/mt ex-works in line with increase in scrap prices, while the index for rebar increased by Rs500/mt at Rs43,500/mt ex-works.
In Jalna, the bi-weekly index for billet surged by Rs800/mt at Rs38,300/mt ex-works. A deal was reported at Rs38,000/mt but beyond that, no deal was heard. The index for rebar increased by Rs1,000/mt at Rs42,300/mt ex-works on Tuesday compared to last Thursday.
In Chennai, the bi-weekly index for billet surged by Rs1,500/mt at Rs40,700/mt on account of higher Sponge prices. The index for rebar was up by Rs1,500/mt at Rs44,000/mt ex-works with demand coming from infra projects.
In Durgapur, the bi-weekly index for billet was up by Rs1,000/mt to Rs37,100/mt ex-works and rebar up by Rs1,300/mt to Rs40,400/mt ex-works on good demand.