Prices for ingots and billets recovered in most secondary steel markets. The daily Davis Index for billet in Raipur rose by Rs900/mt ($12/mt) to Rs41,000/mt ($546/mt) ex-works on Monday from Friday. The daily index for rebar up by Rs1,000/mt ($13/mt) at Rs45,000/mt ($600/mt) ex-works. Most re-rolling mills shied away from ingot and billet purchases as the demand for finished steel, including rebar is yet to reach expected levels.
Steel retailers in Raipur would remain shut amid the ongoing lockdown in the state of Chhatisgarh until April 19. Moreover, the unavailability of a sufficient workforce has forced many mills to cut production.
Offers for pellet Sponge iron declined by Rs700/mt ($9/mt) to 29,300/mt ($390/mt) ex-works Raipur from Friday.
In Mumbai, the index for billet fell by Rs200/mt to Rs41,500/mt ex-works with limited deals. The index for rebar settled unchanged at Rs47,900/mt ex -works.
In Mandi Gobindgarh, the index for ingot increased by Rs900/mt from Friday to Rs43,500/mt ex-works. From Saturday, ingot prices have increased by Rs400/mt. A rise in domestic scrap prices by Rs500/mt amid a persisting shortage gave prices a lift.
($1=Rs75.08)