Indian billet and rebar prices fell sharply in major secondary markets, with a steep decline in Mumbai.
The daily Davis Index for billet in Raipur, Wednesday, fell by Rs300/mt ($4/mt) to Rs40,700/mt ($554/mt) ex-works on limited buying activities. Billet prices have declined by Rs1,500/mt ($20/mt) in Central India this week.
Few billet deals reported at Rs40,700/mt del Raipur on Tuesday. On Wednesday, most billet sellers were unwilling to reduce prices, while buyers resisted those levels. Re-rolling mills avoided ingot/ billets purchases due to sluggish rebar demand.
Pellet sponge prices dipped to Rs29,000/mt ($395/mt) ex-works Raipur, amid limited deals. The daily index for rebar was down by Rs400/mt at Rs43,600/mt ($593/mt) ex-works on weak demand.
In Mumbai, the daily index for billet was down by Rs650/mt at Rs42,000/mt ex-works following a fall in rebar prices. The index for rebar was down by Rs800/mt at Rs46,200/mt ex-works on high inventory at mills.
In Mandi Gobindgarh, the daily index for ingot was down by Rs600/mt to Rs43,700/mt ex-works following a decline in local scrap prices.