Ingot and billet prices dropped on Monday — after increasing on Saturday last week — due to low buying in most Indian secondary markets.
The daily Davis Index for billet in Raipur was up by Rs200/mt ($3/mt) and settled at Rs41,300/mt ($567/mt) ex-works on Monday from Friday. However, it is down by Rs700/mt ($10/mt) from Saturday due to low demand from re-rolling mills.
Market participants said that rebar demand was healthy on Saturday.
Offers for pellet sponge stayed firm at Rs29,000/mt ex-works on Monday. The daily index for rebar was flat at Rs46,000/mt ($643/mt) ex-works Raipur despite sluggish demand.
In Mumbai, the index for billet fell by Rs300/mt to Rs43,700/mt ex-works followed by a dip in rebar prices. The index for rebar was down by Rs200/mt and settled at Rs49,500/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was up by Rs400/mt to Rs44,400/mt ex-works from Monday.