An improvement in demand for finished steel led to a recovery in semi-finished steel prices. Indian ingot and billet prices have moved up in the last few days.
The daily Davis Index for billet in Raipur, Monday, rose Rs400/mt ($3/mt) to settle at Rs41,700/mt ($553/mt) ex-works from Friday on improved demand. The low availability of raw materials, including scrap, has also added to the price rise. Billet suppliers from Raipur also found buyers in Gujarat.
Market participants are optimistic about stable demand in the week.
Pellet sponge prices rose Rs200/mt ($3/mt) to Rs29,200/mt ($390/mt) ex-works Raipur on support from billet and rebar markets. The daily index for rebar rose Rs500/mt ($7/mt) to Rs44,500/mt ($594/mt) ex-works Raipur with healthy sales.
In Mumbai, the daily index for billet rose Rs300/mt to Rs42,800/mt due to a rise in local scrap prices, while the index for rebar remained unchanged at Rs47,500/mt ex-works Mumbai.
In Mandi Gobindgarh, the daily index for ingot increased by Rs1,400/mt to Rs44,000/mt ex-works.
($1= Rs74.98)