Ingot and billet’s downtrend continued on Thursday as buyers decided to wait-and-watch, looking at the uncertain market conditions.
The daily Davis Index for billet in Raipur fell by Rs300/mt ($4/mt) on Thursday to settle at Rs40,400/mt ($557/mt). Buyers are following the plunge in Chinese steel market this week as their government tries to tackle soaring commodity prices.
A few steel mill operators in Raipur noted that they see less scope of reducing prices as it will squeeze their margins. Most Indian states are under lockdown till May 31, with fear of extension looming large. Offers for pellet sponge stayed firm at Rs28,500/mt ($393/mt) ex-works. The daily index for rebar was flat at Rs44,500/mt ($612/mt) ex-works Raipur amid lack of trade.
In Mumbai, the index for billet fell by Rs300/mt to Rs42,000/mt ex-works following a fall in rebar prices. The index for rebar was down by Rs500/mt and settled at Rs48,000/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was down by Rs400/mt to Rs43,600/mt ex-works, in sync with the fall in local scrap prices.