Ingot, billet and rebar prices slipped on Wednesday in major Indian secondary markets. However, trades volumes improved slightly at low prices.
The daily Davis Index for billet in Raipur fell by Rs300/mt ($4/mt) on Wednesday to settle at Rs40,700/mt ($560/mt) ex-works on Wednesday. Many billet deals reported at Rs40,500/mt ($557/mt) on Tuesday. In the second half of Wednesday, suppliers raised offers on observing improved demand from Mandi Gobindgarh, but no deals heard.
Industry participants said domestic steel prices are under pressure following the sudden fall in Chinese steel prices in the last few weeks. International iron ore prices had jumped to $233/mt which later softened to $200/mt.
Offers for pellet sponge were down at Rs28,500/mt ex-works. The daily index for rebar was down by Rs1,000/mt ($14/mt) to Rs44,500/mt ($612/mt) ex-works Raipur on sluggish demand.
In Mumbai, the index for billet fell by Rs1,350/mt to Rs42,300/mt ex-works following a fall in rebar prices. The index for rebar was down by Rs1,000/mt and settled at Rs48,500/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was down by Rs200/mt to Rs44,000/mt ex-works, in sync with the fall in local scrap prices.
($1=Rs72.75)