Billet prices fell in Central India on Thursday despite a slight improvement in demand, while ingot prices in Mandi Gobindgarh recovered in sync with an increase in local scrap prices.
The daily Davis Index for billet in Raipur fell by Rs300/mt ($5/mt) to Rs41,800/mt ($572/mt) ex-works on Thursday despite a slight improvement in demand. Few billet deals were reported at Rs41,800/mt.
Market participants are eagerly awaiting a price revision by NMDC for September shipments. NMDC prices are referred as a benchmark for sponge iron and pellet prices in India.
Pellet sponge prices dipped marginally by Rs100/mt to Rs29,900/mt ($409/mt) ex-works Raipur. The daily index for rebar was down by Rs200/mt at Rs44,800/mt ($613/mt) ex-works.
In Mumbai, the daily index for billet was unchanged at Rs43,300/mt ex-works. The index for rebar was down by Rs200/mt at Rs48,000/mt ex-works on moderate demand. In Jalna, the bi-weekly index for billet was flat Rs43,600/mt ex-works Jalna from Tuesday with some quantities sold to Ahmedabad on Wednesday.
In Mandi Gobindgarh, the daily index for ingot was up by Rs600/mt to Rs45,200/mt ex-works in line with a rise in local scrap prices.