Ingot and billet prices increased with improved trading on Monday. The daily Davis Index for billet in Raipur increased by Rs200/mt ($2.74/mt) to Rs33,200/mt ($45.54/mt) ex-works on Monday from Friday with many deals reported at the index prices.
Meanwhile, the National Mineral Development Corporation (NMDC) has reduced iron ore prices by Rs600/mt in lump and fines on the back of softening international iron ore prices, with the benchmark of 62pc close to $156-157/mt cfr China. The new prices will be effective from February 7. The company has cut iron ore prices after a gap of eight months.
Market participants said that the recent correction of iron ore prices in domestic market will not impact Sponge prices which got corrected by around Rs3,500/mt in last one month.
Pellet Sponge prices was firm at Rs23,000/mt ($315/mt) ex-works, slightly up by Rs100-200/mt from the previous day. The index for rebar settled at Rs38,000/mt ($521.26/mt) ex-works Raipur, with good demand at lower prices.
In Mumbai, the daily index for billet rose marginally by Rs100/mt to Rs35,800/mt ex-works as rebar prices remained steady since last week. The index for rebar settled at Rs42,500/mt ($582.99/mt) ex-works Mumbai.
In Mandi Gobindgarh, the daily index for ingot was up by Rs400/mt to Rs35,900/mt amid a rise in domestic scrap prices.