The daily Davis Index for billet in Raipur, Friday, slipped by Rs700/mt ($9.6/mt) to Rs33,900/mt ($466.29/mt) ex-works. Buyers preferred to step-back as market sentiment turned negative amid a drop in Mandi Gobindgarh prices.
Pellet Sponge offers dropped to Rs23,500/mt ($323.24/mt) ex-works and the index for rebar settled at Rs39,000/mt ($521.26/mt) ex-works Raipur, with limited takers.
In Mandi Gobindgarh, the daily index for ingot fell by Rs400/mt to settle at Rs36,300/mt amid limited trades.
In Mumbai, the daily index for billet was unchanged at Rs37,500/mt ex-works. Steel mills reported few ingot and billet deals as buyers stepped aside and preferred to wait to gauge price direction. The index for rebar remained flat and settled at Rs43,000/mt ex-works Mumbai.