Ingot and billet prices in the state of Chhattisgarh continued to rise for the third day following sharp hike in iron ore prices on Wednesday.
The daily Davis Index for billet in Raipur rose by Rs400/mt ($6/mt) to Rs44,100/mt ($600/mt) ex-works on Wednesday, after National Mineral Development Corporation (NMDC) announced a hike in iron ore prices. The price hike is also attributed due to significant increase in sponge iron prices along with healthy demand from export market.
State-owned company NMDC raised iron ore prices for lumps by Rs700/mt ($10/mt) and fines by Rs1,500/mt ($20/mt), for May deliveries.
Offers for pellet sponge iron rose by Rs1,200/mt to Rs32,400/mt ex-works Raipur The daily index was rebar was up by Rs500/mt to Rs48,000/mt ex-works Raipur.
In Mumbai, the index for billet increased by Rs733/mt to 46,000/mt following rise in rebar and scarp prices. The index for rebar was up by Rs200/mt to Rs51,000/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot remained flat to Rs46,600/mt ex-works.