With markets in many regions of India remaining closed on account of the Makar Sankranti and Pongal festivals, trades were slow. Billet and rebar prices largely remained flat from the prior day.
The daily Davis Index for billet in Raipur remained unchanged at Rs39,400/mt ($539.5/mt) ex-works on Thursday with limited deals. Few billet deals were reported at Rs39,300/mt ($538.13/mt).
Pellet Sponge offers were the same as Wednesday’s — at Rs25,700/mt ($351.91/mt) ex-works Raipur — with few takers. The index for rebar also remained unchanged at Rs44,300/mt ($606.6/mt) ex-works Raipur with moderate demand.
In Mumbai, the daily Index for billet was flat at Rs40,600/mt ex-works. Bids for billets were at least Rs200/mt lower than offers of Rs40,700/mt ex-works, which kept trading limited. The semis market in Mumbai was quiet on Thursday on account of the festival of Makar Sankranti. The index for rebar remained unchanged at Rs47,300/mt with limited trade activities.
In Mandi Gobindgarh, the daily index for ingot increased by Rs500/mt to Rs39,500/mt, in line with increase in local scrap prices. Steel mills witnessed better trades at increased prices on Thursday, after active trading resumed post-Lohri festivities. In Ludhiana, the bi-weekly index for ingot dipped by Rs600/mt to settle at Rs 39,800/mt ex-works in sync with local scrap prices.
In Jalna, the bi-weekly index for billet dropped by Rs200/mt to Rs39,800/mt on Thursday compared to Tuesday with limited takers, while rebar was flat at Rs48,800/mt. Mills in Jalna expect finished steel demand in the infrastructure sector to pick-up next week, as usually work gathers pace after Makar Sankranti. The rise in demand could lead to price recovery.
($1=Rs73.03)