Ingot and billet prices slightly dipped in Raipur and Mumbai secondary markets due to limited trading activities.
The daily Davis Index for billet in Raipur fell marginally by Rs100/mt ($1/mt) at Rs43,500/mt ($586/mt) ex-works on Wednesday.
Market participants believed; domestic long steel prices could stabilize in the near term. Though demand of finished products including rebar remained slow in Central India in the past few days.
Pellet sponge prices were around Rs31,800/mt ($428/mt) ex-works Raipur with few trades. The daily index for rebar remained unchanged at Rs45,800/mt ($617/mt) ex-works Raipur.
In Mumbai, the daily index for billet declined by Rs200/mt at Rs45,500/mt. The index for rebar remained flat at Rs50,500/mt ex-works on slow demand in the last two days.
In Mandi Gobindgarh, the daily index for ingot was unchanged at Rs46,000/mt ex-works.
($1= Rs74.25)