Domestic billet prices in India dropped by Rs200-400/mt ($3-5/mt) in north and central India on Thursday. Prices in the eastern markets, however, were flat. Negative sentiments due to rising COVID-19 cases in India affected trades.
The Davis Index for rebar in Raipur settled at Rs32,600/mt ($439/mt) ex-works, down by Rs200/mt from Wednesday. Raipur market was quiet and waited for a push from the infrastructure sector. Traders adopted a wait-and-watch mode seeking a clear price direction.
The Davis Index for billet settled at Rs28,500/mt ($384/mt) ex-works Raipur, down by $100/mt from Wednesday.
Pellet sponge iron prices in Raipur remained unchanged at Rs18,400-18,500/mt on Thursday.
In Mumbai, the daily Davis Index for rebar settled unchanged at Rs35,100/mt (472.79/mt) ex-works. Trades and enquiries dipped amidst a slump in the construction sector.
The daily Davis Index for billet in Mumbai dropped by Rs250/mt and settled at Rs30,500/mt ($410.83/mt) ex-works. Trades for billets were at Rs30,500-30,600/mt ex-works Mumbai.
Indian rupee continued to depreciate against the US dollar and was valued at Rs74.24 on Thursday, increasing input cost for mills. Demand, however, remained slow pressuring finished steel prices.
In Mandi Gobindgarh, the daily index for ingot remained flat at Rs30,950/mt ex-works, down Rs350/mt from the Wednesday.