The daily Davis Index for rebar in Raipur increased by Rs300/mt ($4.2/mt) on Friday to close the week at Rs33,800/mt ($473.92/mt) ex-works, in line with the increase in billet prices by Rs400/mt and sustained demand in the construction sector.
Traders are procuring material on the expectation of a further rise in prices next week.
The daily index for billet settled at Rs29,900/mt ($419.23/mt) ex-works Raipur, on Friday, an increase by Rs400/mt ($5.6/mt), due to a rise in pellet sponge prices by Rs300/mt.
Few integrated steelmakers in central India installed rolling-mills and opted to produce finished steel instead of selling billets, leading to a supply crunch of semis, according to manufacturers.
The daily Davis Index for ingot at Mandi Gobindgarh increased by Rs400/mt to close the week out at Rs31,950/mt ($447.98/mt) ex-works, on account of a rise in ferrous scrap prices by Rs175/mt.
The daily Davis Index for rebar remained flat on Friday at Rs36,200/mt ($507.57/mt) ex-works Mumbai. A rebar manufacturer based in Mumbai claimed healthy bookings on Thursday which thinned on Friday.
The daily Davis Index for billets in Mumbai rose marginally by Rs150/mt to Rs32,150/mt ($450.78/mt) ex-works.