Ingot and billet prices dipped on Tuesday. Suppliers are receiving robust demand for exports, and thus are unlikely to lower prices further in domestic market. The Davis Index for billet in Raipur dipped marginally by Rs200/mt ($2/mt) to Rs38,800/mt ($535/mt) ex-works on Tuesday with limited buying. Few billet deals reported at Rs38,900/mt for outstation market.
Pellet Sponge offers were at Rs27,500/mt ($379/mt) ex-works Raipur with limited trades. The daily index for rebar remained flat at Rs42,800/mt ($590/mt) ex-works Raipur despite moderate demand.
In Mumbai, the index for billet decreased by Rs400/mt to Rs40,600/mt ex-works due to lull in trade activities. The index for rebar in Mumbai remained flat at Rs46,700/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot dipped by Rs200/mt to Rs40,800/mt ex-works amid a fall in local scrap prices. In Ludhiana, the bi-weekly index for ingot fell by Rs100/mt to Rs40,200/mt ex-works on Tuesday from last Thursday.
In Chennai, the bi-weekly index for billet and rebar remained unchanged at Rs41,000/mt and Rs46,000/mt ex-works, respectively, compared to last Thursday.
State-owned steelmaker, Rashtriya Ispat Nigam Limited (RINL), has booked steel exports orders for finished and semi-finished products of over 200,000mt in March.