Billet suppliers continue to keep billet offers firm in Raipur but prices dipped in Mumbai on Monday.
The daily Davis Index for billet in Raipur remained unchanged at Rs43,800/mt ($598/mt) ex-works on Monday from Friday despite limited buying activities. Billet suppliers continued to keep offers high, but re-rolling mills were not interested, looking at moderate demand of finished products due to lockdowns in India.
Mills noted that demand is a downtrend, though dispatches are going on at around 60-70pc. They feel that domestic steel prices seem to be supportive in the near term due to strong export demand.
Offers for pellet sponge iron stood at Rs31,500/mt ($427/mt) ex-works but with limited takers. The daily index for rebar was down by Rs1,000/mt ($14/mt) to Rs48,000/mt ($657/mt) ex-works Raipur on sluggish demand.
In Mumbai, the index for billet decreased by Rs800/mt to 45,000/mt following a fall in rebar and scarp prices. The index for rebar was down by Rs300/mt to Rs51,000/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was up by Rs500/mt Rs46,600/mt ex-works owing to rise in local scrap prices.