Billet and rebar prices gained on Wednesday in Raipur. The Davis Index for billet in Raipur increased by Rs700/mt ($10/mt) to Rs38,300/mt ($525/mt) ex-works, in line with the rise in rebar prices. However, billet demand was moderate at increased prices. Few steel mills reported that demand was better on Tuesday for billet and rebar but it has cooled off on Wednesday.
Pellet Sponge offers were at Rs27,200/mt ($373/mt) ex-works Raipur with no takers. The index for rebar surged by Rs800/mt ($11/mt) to Rs42,300/mt ($580/mt) ex-works Raipur.
In Mumbai, the indexes for billet and rebar remained unchanged at Rs40,000/mt and Rs46,000/mt ex-works, respectively. The market is silent as buyers preferred to wait and watch. Market participants in Mumbai said that rebar demand had picked-up on Tuesday after mills reduced prices by Rs600/mt, but on Wednesday, demand slowed down.
In Mandi Gobindgarh, the index for ingot increased by Rs600/mt to Rs39,600/mt ex-works with rise in local scrap prices.
($1=Rs72.94)