Ingot and billet prices fell in Raipur, Mandi Gobindgarh and Jalna due to a limited buying interest. Mills in Mumbai lowered prices by Rs300/mt in the first half of the day, however, prices bounced back in the second half on a slight uptick in demand.
The daily Davis Index for billet in Raipur dipped by Rs100/mt ($1/mt) at Rs42,500/mt ($572/mt) ex-works on Tuesday amid reduced buying interest from mills owing to a decline in rebar demand.
Rebar sales in Central India have remained scarce since the start of August with secondary mills eagerly waiting for an increase in demand.
Pellet sponge prices remained unchanged at Rs31,000/mt ($417/mt) ex-works Raipur with a few trades. The daily index for rebar was flat at Rs44,700/mt ($601/mt) ex-works Raipur despite moderate demand.
In Mumbai, the daily index for billet declined by Rs150/mt to Rs44,200/mt amid a decrease in local scrap prices. The index for rebar was flat at Rs49,500/mt ex-works with a slight uptick in demand.
In Jalna, the bi-weekly index for billet was down by Rs1,000/mt to Rs44,000/mt ex-works on Tuesday as compared to the previous week due to a slump in local scrap prices.
In Mandi Gobindgarh, the daily index for ingot dropped by Rs200/mt to Rs44,800/mt ex-works in-line with lowered local scrap prices.