Ingot, billet prices registered an uptick as offers remained firm while rebar prices stayed flat on Monday. Market participants are also waiting for price revision by large steel mills in early June.
The daily Davis Index for billet in Raipur, Monday, rose Rs500/mt ($8/mt) to settle at Rs41,500/mt ($7/mt) from Friday as seller kept offers firm. Market participants expect domestic steel prices to stabilize or maintain uptrend in the near-term.
However, buyers are little cautious amid uncertainty around large steel mills’ price revision in early-June. Meanwhile, lockdown has been extended by some states like Maharashtra and Tamil Nadu, while it has been eased in states like Delhi, UP and a few North Eastern States.
Offers for pellet sponge were up by Rs500/mt at Rs29,500/mt ($406/mt) ex-works. The daily index for rebar remained unchanged at Rs45,000/mt ($621/mt) ex-works Raipur despite moderate demand.
International iron ore prices is around $191/mt after it touched an all-time high of $233/mt on May 12.
In Mumbai, the index for billet increased by Rs200/mt to Rs42,000/mt following rise in rebar prices from Friday while the index for rebar was up by Rs200/mt to Rs48,200/mt ex-works, supported by demand.
In Mandi Gobindgarh, the daily index for ingot was flat to Rs44,500/mt ex-works.