Semi-finished steel prices have increased for the fourth day in Raipur and Mandi due to an increase in input cost and healthy demand in the export market.
The daily Davis Index for billet in Raipur was up by Rs500/mt ($7/mt) to Rs42,200/mt ($565/mt) ex-works on Tuesday, as sellers raised offers in anticipation of a positive market in the near term.
The domestic secondary market was bullish on healthy demand in China for products like pig iron and other semi-finished steel produced by primary steel players.
Recently, an Indian state-owned steel maker sold pig iron at $511/mt fob India. Other primary players in the east are also actively selling pig iron in the export market.
Pellet sponge prices were up by Rs400/mt ($5/mt) to Rs29,700/mt ($397/mt) ex-works Raipur. The daily index for rebar was up by Rs500/mt to Rs45,000/mt ($603/mt) ex-works Raipur.
In Mumbai, the daily index for billet was up by Rs700/mt to Rs43,500/mt as rebar prices increased. The index for rebar was up by Rs500/mt to Rs47,700/mt ex-works Mumbai.
In Mandi Gobindgarh, the daily index for ingot surged Rs900/mt to Rs44,900/mt ex-works.
In Durgapur, the bi-weekly index for billet was up by Rs1,200/mt to Rs42,000/mt, and the index for rebar rose by Rs1,300/mt to Rs45,300/mt ex-works on Tuesday from last Thursday.
In Chennai, however, the bi-weekly index for billet decreased by Rs500/mt to Rs42,500/mt ex-works due to low buying from re-rolling mills. The index for rebar remained unchanged at Rs47,000/mt ex-works.