Ingot, billet prices dipped in Central India markets as buyers prefer to wait and watch.
The daily Davis Index for billet in Raipur slipped by Rs200/mt ($3/mt) to Rs41,700/mt ($562/mt) ex-works on Wednesday. Billet sellers were reluctant to reduce offers. But lack of buying interest kept trading slow.
Market participants are waiting for a revival in finished steel demand, which has been slow for a week. Sponge producers in Central India were unwilling to reduce asking prices further due to margin squeeze and tight availability.
Offers for pellet sponge offers were at Rs30,500/mt ($411/mt) ex-works, with buyers away from these levels. The daily index for rebar fell by Rs200/mt ($3/mt) to Rs46,000/mt ($620/mt) ex-works Raipur.
In Mumbai, the daily index for billet remained unchanged at Rs43,000/mt ex-works, While the index for rebar fell by Rs300/mt to Rs46,000/mt ex-works. On Tuesday, some billet export deals were heard at $630/mt fob India, to be shipped to Abu Dhabi.
In Mandi Gobindgarh, the daily index for ingot was unchanged to Rs44,200/mt ex-works.