Ingot and billet prices continued its bull run on the fifth day of the week in the domestic secondary market, but demand softened at increased prices.
The daily Davis Index for billet in Raipur, Friday, increased by Rs250/mt ($3/mt) to settle at Rs43,450/mt ($595/mt). Billet sellers raised offers to Rs43,500/mt ($596/mt) but buyers were not interested at such high prices and preferred to wait. Ingot and billet prices rose by Rs2,500/mt ($35/mt) each in the week in Central India.
Market participants said that rebar demand was sluggish since Thursday at higher prices though it was healthy during the first three days of the week.
Offers for pellet sponge stayed firm at Rs31,000/mt ex-works. The daily index for rebar dipped by Rs100/mt Rs46,900/mt ex-works Raipur.
Meanwhile, state-owned steelmaker Steel Authority of India limited (Sail) has raised flat product prices by Rs5,000/mt ($69/mt) for June deliveries.
In Mumbai, the index for billet increased by Rs 1,000/mt to Rs44,000/mt following rise in imported scrap pices, while rebar increased by Rs200/mt to Rs48,400/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot increased by Rs500/mt to Rs46,200/mt ex-works, in line with the rise in local scrap prices.
($1= Rs73.02)