Ingot and billet prices slipped in Raipur and Mandi Gobindgarh but were firm in Mumbai. A shortage of material kept prices supported in Mumbai.
The daily Davis Index for billet in Raipur was down by Rs400/mt ($5/mt) to Rs41,000/mt ($550/mt) ex-works on Thursday amid a lack of buyers. Late last week, the domestic secondary market recovered amid an uptick in demand. But demand for finished steel, including rebar, had started to weaken this week.
Pellet sponge price was around Rs29,200/mt ($392/mt) ex-works Raipur. The daily index for rebar was flat at Rs43,700/mt ($587/mt) ex-works Raipur with limited buying.
In Mumbai, the daily index for billet was up by Rs500/mt to settle at Rs43,600/mt ex-works. Trading slowed after prices increased. The index for rebar was up by Rs500/mt to Rs47,600/mt ex-works Mumbai.
In Jalna, the bi-weekly index for billet was up by Rs1,500/mt to Rs43,500/mt ex-works on Tuesday from last Thursday. The bi-weekly index for rebar increased by Rs500/mt to Rs46,500/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot dropped by Rs200/mt to Rs43,300/mt ex-works in a silent market.
In Chennai, the bi-weekly index for billet was up by Rs1,000/mt to Rs43,000/mt, following a rise in rebar prices. The index for rebar was also up by Rs1,000/mt to Rs48,000/mt on Tuesday.
($1= Rs74.49)