Indian domestic ingot and billet prices lowered on Thursday in Central India, while Mandi Gobindgarh was flat.
The daily Davis Index for billet in Raipur was down by Rs200/mt ($3/mt) to Rs40,700/mt ($546/mt) ex-works on Thursday. Billet suppliers raised offers in the first half of the day after news about the power cut in Mandi for the next 2 days broke. However, market did not sustain as buyers targeted lower prices in Central India.
Pellet sponge offers were reduced to Rs29,400/mt ($395/mt) ex-works Raipur due to weak buying from Induction furnaces. The daily index for rebar declined Rs100/mt to Rs43,800/mt ($588/mt) ex-works Raipur.
In Mumbai, the daily index for billet also fell by Rs200/mt to Rs41,600/mt while the index for rebar remained flat at Rs45,800/mt ex-works, respectively. Most secondary mills in Mumbai have cut production by 25-35pc on average due to cost pressure, weak demand and rising inventory levels.
In Mandi Gobindgarh, the daily Davis Index for ingot flat at Rs42,400/mt ex-works.