Billet prices across India remained flat to up on Monday, as buyers are in wait-and watch mode. Last week from Monday to Friday, billet and rebar prices fell steeply due to consistent lack of demand.
The daily Davis Index for billet in Raipur was flat at Rs35,500/mt (486.96/mt) ex-works on Monday from Friday with limited buying. Billet sellers tried to increase offers in line with rise in other secondary domestic markets, however, buyers were hesitant, waiting for further price correction during the week.
Pellet Sponge traded at Rs23,700-23,800/mt ($325-326/mt) ex-works Raipur, with few trades reported, while the index for rebar remained unchanged at Rs40,300/mt ($552.81/mt) ex-works Raipur with moderate demand.
In Mumbai, the daily index for billet in Mumbai surged by Rs1,300/mt to Rs37,500/mt ex-works following rise in rebar prices along with good demand from the rolling mills at index price. The daily index for billet in Mumbai increased by Rs1,000/mt to settle at Rs44,000/mt ex-works with healthy demand at lower prices. However, demand cooled offafter the price rise.
In Mandi Gobindgarh, the daily index for ingot increased by Rs300/mt at Rs36,500/mt, in line with the rise in local scrap prices. In Ludhiana, the bi-weekly index for ingot remained flat to Rs37,000/mt ex-works from last Thursday.
In Kutch, bi-weekly index for rebar remained flat to Rs43,350/mt ex-works while the index for billet declined by Rs500/mt to Rs37,000/mt ex-works.
($1=Rs72.95)