Domestic ingot and billet prices were largely flat on Friday in Central India, as markets were quiet.
The daily Davis Index for billet in Raipur was flat at Rs40,700/mt ($545/mt) ex-works on Friday with few buyers. Billet suppliers shared that low rebar sales in the week have led to induction furnaces staying away from procuring material.
Market participants have indicated that few primary steel mills are most likely to cut long products prices by Rs500-1,000/mt for July deliveries. Confirmations are, however, awaited.
Pellet sponge offers were at Rs29,100/mt ($390/mt) ex-works Raipur due to limited buying from induction furnaces. The daily index for rebar fell by Rs100/mt to Rs43,700/mt ($585/mt) ex-works Raipur.
In Mumbai, the daily index for billet declined by Rs100/mt to Rs41,200/mt and the index for rebar remained flat for the entire week at Rs45,800/mt ex-works due to moderate demand.
In Mandi Gobindgarh, the daily index for ingot was up by Rs100/mt and settled at Rs42,500/mt ex-works.