Ingot and billet prices fell on Monday in Central India amid thin trades in a quiet market.
The daily Davis Index for billet in Raipur fell by Rs550/mt ($8/mt) to settle at Rs42,900/mt ($589/mt) on Monday from Friday. Billet sellers reduced offers to stimulate demand, but buyers prefer to wait-and-watch.
In Raipur, rebar demand continued to remain subdued since last three days, and re-rolling mills are not active in buying either ingot or billet.
Offers for pellet sponge stayed firm at Rs31,000/mt ex-works. The daily index for rebar remained flat at Rs46,900/mt ex-works Raipur with no takers.
Meanwhile, state-owned mining company National Mineral Development Corporation (NMDC) has kept iron ore prices unchanged for June deliveries.
In Mumbai, the index for billet dipped by Rs150/mt to Rs42,850/mt. Billet offers were at Rs42,900/mt but buyers were asking Rs100-200/mt less than offers. The index for rebar remain unchanged at Rs48,600/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot increased by Rs100/mt to Rs46,800/mt ex-works.
($1= Rs72.81)