Ingot, billet prices registered a marginal decline in central India. Trading, however, improved on Friday.
The daily Davis Index for billet in Raipur was at Rs41,500/mt ($560/mt) ex-works, down by Rs100/mt ($1/mt). Billet prices dipped in the first half of the day. Increased buying in the second half, however, led to a slight recovery in prices. Demand remained supported by positive sentiment in the Mandi Gobindgarh market where ingot deals are expected to pick up.
Indian Steel mills have been struggling with rebar sales in the domestic market, which kept them away from ingot and billet purchases. The rebar market could continue to stay weak due to the ongoing rainy season.
Offers for pellet sponge were heard at Rs30,200-30,500/mt ($407-411/mt) ex-works depending on the seller. The daily index for rebar fell by Rs500/mt ($7/mt) to Rs44,500/mt ($600/mt) ex-works Raipur.
In Mumbai, the daily index for billet fell by Rs500/mt to Rs42,000/mt ex-works, while the index for rebar settled unchanged at Rs45,800/mt ex-works. Few rebar mills in Mumbai plan to idle units for a month from July 1 due to weak demand.
In Mandi Gobindgarh, the daily index for ingot was down by Rs300/mt to Rs43,700/mt ex-works in line with a fall in local scrap prices.
($1= Rs74.21)