The Davis Index for rebar in Raipur increased by Rs700/mt ($9.27/mt) to Rs33,500/mt ($443.94/mt) ex-works on a rise in ingot and billet prices. Trades for finished and semi-finished steel are likely to gain momentum soon. The index for billet also increased by Rs900/mt ($11.92/mt) and settled at Rs26,900/mt ($356.48/mt) ex-works Raipur.
A few sponge manufacturers in Raipur are offering pellet sponge iron at around Rs15,500/mt ex-works, with no takers at these prices. The last deal concluded at Rs15,000-15,100/mt ex-works.
Some sponge manufacturers believe that prices are likely to decline as NMDC reduced iron ore prices by Rs400/mt. But others expect prices to remain flat amid a rise in ingot and billet prices.
The Davis Index for rebar in Mumbai remained unchanged at Rs34,300/mt ($454.54/mt) ex-works by the index for billet fell by Rs400/mt ($5.3/mt) to Rs28,450/mt ($383.69/mt) ex-works due to increased supply from nearby markets like Gujarat, Chhattisgarh and Daman and Diu.
In Mandi Gobindgarh, the daily index for ingot rose by Rs600/mt ($7.95/mt) at Rs29,750/mt ($394.24/mt) ex-works driven by an increase in ferrous scrap prices.
In South India, a primary mill booked export order for 100,000mt of billets at $360/mt fob India on LC payment terms for May end shipments.