The daily Davis Index for billet in Raipur continued its uptrend by Rs400/mt ($5.39/mt) at Rs33,400/mt ($450.49/mt) ex-works on Thursday on account of high Sponge iron prices. Electric arc furnaces (EAF) and induction furnaces (IF) had to buy just about enough Sponge only to keep the furnace operational despite these high prices.
Pellet Sponge offers were also increased to Rs22,900/mt ($308.87/mt) ex-works Raipur, up by Rs100/mt. Few Pellet Sponge deals were reported at Rs22,800/mt. The daily Index for rebar was unchanged at Rs35,300/mt ($476.38/mt) ex-works. Most of steel mills cited rebar demand to be sluggish throughout the week which is unlikely improve before Diwali.
In Mumbai, the daily index for billet in Mumbai was up Rs200/mt at Rs34,000/mt ex-works in line with rise in rebar prices and the index for rebar was up by Rs200/mt at Rs37,400/mt ex-works despite low demand in last two days.
In Mandi Gobindgarh, the daily Index for ingot was up by Rs300/mt at Rs35,300/mt with rise in local scrap prices. The index for rebar was up by Rs400/mt at Rs39,800/mt ex-works.
In Jalna, the bi-weekly index for billet was up by Rs300/mt to Rs33,900/mt ex-works due to healthy buying from rolling mills. Some billet deals were reported at Rs 33,800/mt. The index for rebar was up by Rs500/mt at Rs37,000/mt ex-works on healthy sales.
In Gujarat, the bi-weekly indexes for billet was up by Rs300/mt to Rs34,000/mt ex-works on rise in local scrap prices and for rebar was up Rs400/mt at Rs38,000/mt ex-works with limited trade activities.
In Durgapur, the index for billet was up by Rs500/mt to Rs33,100/mt ex-works on increase in Sponge iron and Pig iron prices. The bi-weekly index for rebar surged by Rs800/mt to Rs36,000/mt ex-works, however, demand is weak at increased prices.
In Chennai, the bi-weekly Davis Index for billet rose by Rs700/mt at Rs 34,000/mt ex-works due to increase in imported scrap prices and index for billet was up by Rs300/mt to Rs37,800/mt.
In Ludhiana, the bi-weekly index for ingot was up by Rs650/mt at Rs 35,750/mt ex-works.
($1=Rs74.14)