Billet prices dropped in Raipur but remained flat in Mumbai on Wednesday. The daily Davis Index for billet in Raipur dropped by Rs300/mt ($4/mt) to Rs42,200/mt ($572/mt) ex-works on Wednesday due to limited trading.
Secondary mills in Raipur were distressed as there are very few takers of finished products due to lockdown in many parts of the country.
Offers for pellet sponge iron stayed firm at Rs29,400/mt ($398/mt) ex-works. The daily index was rebar was down by Rs500/mt ($7/mt) to Rs46,500/mt ($630/mt) ex-works Raipur due to subdued demand.
India’s primary steelmakers have raised prices of hot-rolled coil (HRC) and cold-rolled coil (CRC) by Rs3,500-4,500/mt ($47-61/mt) for May deliveries, in line with the high international steel prices, according to Davis Index’s sources. The price surge is also attributed to sharp hike in input cost like iron ore, coking coal and freight costs.
In Mumbai, the index for billet and rebar remained unchanged at Rs45,500/mt and Rs50,200/mt ex-works, respectively, with limited deals.
In Mandi Gobindgarh, the daily index for ingot was flat at Rs45,700/mt ex-works. Punjab is undergoing a lockdown due to rising number of COVID-19 cases.