Billet and rebar prices rose in Mumbai but were unchanged in Raipur on Friday. The Davis Index for rebar in Mumbai increased by Rs500/mt ($7/mt) to Rs46,500/mt ($640/mt) ex-works on Friday, following a rise in ingot and billet prices along with healthy demand. The price rise was also supported due to a supply crunch and rise in domestic scrap prices by Rs500/mt in Jalna.
In Raipur, the index for billet in Raipur was unchanged at Rs38,800/mt ex-works on elevated Sponge iron prices and other input costs. Billet suppliers could keep their offers firm amid rising raw material costs, including Sponge iron, pig iron, and silico- manganese.
Pellet Sponge offers rose by Rs500/mt to Rs27,500/mt ex-works Raipur, but buyers were unwilling to negotiate beyond Rs27,200/mt ex-works. The index for rebar was also unchanged at Rs42,500/mt ex-works Raipur on sluggish demand.
In Mandi Gobindgarh, the index for ingot declined by Rs100/mt to Rs40,400/mt ex-works amid a dip in local scrap prices.