Ingot and billet prices dipped marginally in Raipur, while Mumbai witnessed a major decline on Thursday.
The daily Davis Index for billet in Raipur dropped by Rs100/mt ($1/mt) to Rs38,200/mt ($526/mt) ex-works with limited deals reported at index price. Few steel mill operators said that rebar demand is quite healthy, and material has been booked for the next one weeks, so there is no immediate pressure to reduce prices.
Pellet Sponge offers dropped by Rs200/mt ($3/mt) to Rs27,000/mt ($372/mt) ex-works Raipur. The daily index for rebar decreased by Rs200/mt to Rs42,200/mt ($581/mt) ex-works Raipur.
In Mumbai, the index for billet slide by Rs1,000/mt to Rs40,000/mt following a fall in rebar prices. However, trades improved at lower prices. The index for rebar decreased by Rs900/mt to Rs46,000/mt ex-works as sellers were under pressure. With COVID-19 cases climbing rapidly in the state of Maharashtra, the state government is expected to impose restriction. This is weighing on the minds of traders and could impact business activities in the short term.
In Jalna, the bi-weekly index for billet was flat to Rs40,700/mt ex-works on Thursday from Tuesday on higher local scrap prices, while rebar registered downward price correction of Rs700/mt to Rs46,300/mt ex-works.
In Mandi Gobindgarh, the index for ingot dipped by Rs100/mt to Rs39,900/mt ex-works.
In Durgapur, the bi-weekly index for billet dropped by Rs400/mt to Rs39,500/mt ex-works, in line with the fall in rebar prices. The index for rebar decreased by Rs500/mt to Rs43,500/mt ex-works.