Indian ingot and billet prices maintained an uptrend. But buyers were not keen on purchasing material at increased prices. Rebar demand slowed down due to heavy rainfall in Mumbai.
The daily Davis Index for billet in Raipur remained unchanged at Rs42,200/mt ($565/mt) ex-works on Wednesday amid lack of trading. Re-rollers already have procured enough material at lower prices to meet their production requirements for the week.
Few billet suppliers said that billet deals on July 20 were also Rs41,800/mt ex-works Raipur on July 20, thereafter buyers are unwilling to purchase billets at increased prices.
Pellet sponge prices remained unchanged at Rs29,700/mt ($397/mt) ex-works Raipur. The daily index for rebar was also flat at Rs45,000/mt ($603/mt) ex-works Raipur due to limited buyers.
In Mumbai, the daily index for billet was up by Rs400/mt at Rs43,900/mt as local scrap prices increased. The index for rebar was up by Rs300/mt at Rs48,000/mt ex-works Mumbai.
In Mandi Gobindgarh, the daily index for ingot increased by Rs300/mt to Rs45,200/mt ex-works.
($1=Rs74.5)