Ingot and billet prices declined in markets in Raipur and Mandi Gobindgarh on limited buying interest. Sponge iron and pig iron prices remained firm but buyers are unwilling to make trades at current rates
The daily Davis Index for billet in Raipur dipped by Rs150/mt ($2/mt) at Rs43,250/mt ($583/mt) ex-works on Thursday on limited buying activities. But billet suppliers raised offers amid a rise in sponge iron and pig iron prices.
Pellet sponge prices further increased by Rs300/mt ($4/mt) at Rs32,000/mt ($431/mt) ex-works Raipur. The daily index for rebar remained flat at Rs45,500/mt ($613/mt) ex-works Raipur.
Meanwhile, pig iron prices inched up on Aug 14 in an auction conducted by SAIL-Bhilai unit of 8,000mt where bids were received at Rs38,750-39,150/mt ($522-528/mt) ex-works Bhilai.
In Mumbai, the daily index for billet remained flat at Rs45,000/mt due to lack of trades. The index for rebar remained unchanged at Rs49,700/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was also down by Rs200/mt at Rs45,500/mt ex-works as local scrap prices declined.