Ingot and billet prices declined for the third day this week. Sellers, however, could refrain from lowering offers further as inquiries have started to pick up at the current price levels. Billet sales from Jalna to Ahmedabad picked up.
The daily Davis Index for billet in Raipur fell by Rs100/mt ($1mt) to settle at Rs42,600/mt ($592/mt) ex-works on Wednesday. In the second half of the day, inquiries picked up.
Until rebar sales pick up, re-rolling mills could limit their purchases of ingot and billet. The daily index for rebar fell by Rs500/mt ($7/mt) at Rs46,000/mt ($631/mt) ex-works Raipur.
Offers for pellet sponge reduced by Rs500/mt to Rs30,300/mt ex-works as many producers looked to boost sales.
In Mumbai, the daily index for billet was unchanged at Rs43,000/mt ex-works and the index for rebar fell by Rs300/mt to Rs47,700/mt ex-works as heavy rains weakened sales.
From Jalna, mills sold billets to buyers in Ahmedabad in healthy quantities at Rs43,200/mt ex-Jalna. Meanwhile, few mills in Bhavnagar (Gujarat) are also active in the export market with deals heard at $630-635/mt fob.
In Mandi Gobindgarh, the daily index for ingot settled flat at Rs46,000/mt ex-works.