Ingot and billet prices continued its downtrend on Thursday in all secondary steel markets across India. Steel mills in Mumbai reduced rebar offers by around Rs3,000/mt ($41.15/mt), for the third consecutive day this week.
The daily Davis Index for billet in Mumbai dropped by Rs900/mt ($12.34/mt) to settle at Rs36,500/mt ($500.68/mt) ex- works on Thursday following fall in rebar prices along with a dip in local scrap prices. The index for rebar dropped by Rs1,000/mt ($13.71/mt) to Rs44,000/mt ($603.56/mt) ex-works due to sluggish sales.
In Raipur, the daily Index for billet in Raipur dropped by Rs1,000/mt at Rs35,800/mt ex-works on Thursday on limited buying. Billet sellers were able to sell very few quantities of material in the range of Rs35,800-35,900/mt, indicating the current depression in market. Finished steel’s demand is ‘extremely’ poor since the beginning of month, according to steel mill operators, which reflected in ingot and billet prices as well.
Pellet Sponge prices are at Rs24,000/mt ex-works Raipur, down by Rs500/mt, while the index for rebar dropped by Rs1,000/mt to Rs42,000/mt ex-works Raipur, with limited takers.
In Mandi Gobindgarh, the daily index for ingot fell by Rs600/mt to Rs36,200/mt, in line with decrease in local scrap prices. In Ludhiana, the bi-weekly index for ingot fell by Rs900/mt to Rs37,000/mt ex-works Ludhiana from last Tuesday.
In Durgapur, bi-weekly index for rebar declined by Rs1,000/mt to Rs41,000/mt ex-works while the index for billet declined by Rs700/mt to Rs36,500/mt ex-works.