Ingot and billet prices increased in secondary markets in Raipur and Mandi Gobindgarh while rebar prices were down in Mumbai on low demand due to the ongoing monsoons.
The daily Davis Index for billet in Raipur rose by Rs400/mt ($5/mt) to Rs42,100/mt ($577/mt) ex-works on Wednesday despite limited buying. Some billet deals were also heard at Rs42,000/mt ($575/mt).
Most mills purchased sufficient raw materials on Tuesday at lower prices, so trades remained moderate.
Meanwhile, Primary mills could keep rebar prices flat to up in September due to demand from government infrastructure projects.
Pellet sponge prices increased by Rs300/mt ($3/mt) to Rs30,000/mt ($410/mt) ex-works Raipur with limited takers. The daily index for rebar was up by Rs400/mt at Rs45,000/mt ($616/mt) ex-works.
In Mumbai, the daily index for billet marginally dipped by Rs100/mt to Rs43,300/mt ex-works. The index for rebar was down by Rs300/mt at Rs48,200/mt ex-works on weak demand amid heavy rainfall in parts of Mumbai.
In Mandi Gobindgarh, the daily index for ingot was up by Rs600/mt to Rs45,200/mt ex-works in line with a rise in local scrap prices.