Billet and rebar prices remained flat in major markets of India on Wednesday. The daily Davis Index for billet in Raipur remained largely flat at Rs35,500/mt ($486.96/mt) ex-works compared to Monday as buyers stayed inactive. Billet sellers continued to hold offers, however, buyers resisted purchasing amid a dip in international iron ore and scrap prices in the last couple of days.
Pellet Sponge traded at Rs24,100/mt ($330.58/mt) ex-works Raipur. The daily index for rebar settled unchanged at Rs40,300/mt ($552.81/mt) ex-works amid subdued demand.
In Mumbai too, the daily indexes for billet and rebar were flat at Rs37,500/mt ex-works and Rs44,000/mt ex-works, respectively, amid moderate demand.
Steel mills in Mumbai witnessed moderate rebar sales since the beginning of the week as buyers are finding prices quite high. Trading is expected to remain slow for the next couple of days as well.
A builder based in Gujarat shared that few construction projects may get delayed by 1-2 months due to high steel and cement prices — indicating rebar demand could be moderate going forward till price correction happens.
In Mandi Gobindgarh, the daily index for ingot settled at Rs36,500/mt with slight correction from Monday.