Ingot and billet prices decreased due to moderate buying on Monday. The daily Davis Index for billet in Raipur decreased by Rs200/mt ($3/mt) to Rs41,400/mt ($564/mt) ex-works on limited deals. Steel mills reported poor demand for finished steel including rebar since last 2-3 days in domestic market. Billets buyers are also reluctant due to higher prices.
On Monday, JSW Steel increased HRC prices by Rs4000/mt ($55/mt), and rebar and wire rod by Rs3,000/mt ($74/mt) each for April deliveries.
Besides, restriction imposed by various state governments to control the COVID-19 cases may also impact demand to some extent in the near term.
Pellet Sponge offers increased to 30,000/mt ($402/mt) ex-works Raipur which is an all-time high. The daily index for rebar remained unchanged at Rs45,000/mt ($613/mt) ex-works Raipur.
In Mumbai, the index for billet and rebar remained unchanged at Rs43,000/mt and Rs47,900/mt ex -works, respectively.
In Mandi Gobindgarh, the index for ingot marginally increased by Rs100/mt to Rs41,900/mt.
($1=Rs73.41)