Ingot and billet prices improved in Mumbai. In Raipur, however, prices remained under pressure.
The daily Davis Index for billet in Mumbai was up by Rs200/mt ($3/mt) to Rs41,200/mt ($552/mt) ex-works on Wednesday amid an increase in demand. The index for rebar also rose by Rs200/mt to Rs46,000/mt ($616/mt) ex-works Mumbai on improved sales.
In Raipur, the daily index for billet fell by Rs100/mt to Rs40,600/mt ex-works. Participants, however, believe prices are unlikely to decrease any further.
Pellet sponge offers stayed flat at Rs29,000/mt ($389/mt) ex-works Raipur amid limited takers. The index for rebar was down by Rs200/mt to Rs42,200/mt ex-works as sales are still sluggish.
In Mandi Gobindgarh, the daily index for ingot was down by Rs200/mt at Rs43,000/mt ex-works due to a decline of a similar amount in local scrap prices.