Billet prices reduced on limited buying while Sponge prices remained high on Thursday. The daily Davis Index for billet in Raipur declined by Rs500/mt ($7/mt) to Rs41,000/mt ($560/mt) ex-works with a few deals concluding at index price.
Billet suppliers said that buying interest has dwindled in the state after the Chhattisgarh government announced lockdown in Raipur for 10 days from April 9. However, there are some enquires and demand from outstation market, particularly from Jaipur in Rajasthan.
Pellet Sponge offers stayed high at 30,000/mt ($402/mt) ex-works Raipur with limited takers. The daily index for rebar remained flat at Rs44,200/mt ($592/mt) ex-works on moderate buying.
In Mumbai, the index for billet fell by Rs400/mt to Rs42,000/mt due to limited buying. The index for rebar settled unchanged at Rs47,900/mt ex -works.
In Mandi Gobindgarh, the index for ingot down by Rs200/mt to Rs43,300/mt ex-works amid a similar decreased in local scrap prices.
In Durgapur, the bi-weekly index for billet dropped by Rs600/mt to Rs41,700/mt ex-works, in line with the fall in rebar prices. The index for rebar decreased by Rs500/mt to Rs46,000/mt ex-works.