Ingot and billet prices in India maintained their uptrend with limited trades. The daily Davis Index for billet in Raipur settled unchanged at Rs42,500/mt ($576/mt) ex-works on Tuesday. Few billet deals heard at Rs42,300/mt ($573/mt) on Monday but Tuesday the market cooled down. Most secondary steel units in Chhattisgarh are operating at 60-65pc capacity due to limited work force and lack of oxygen supply to industries.
Offers for pellet sponge iron and rebar remain unchanged at Rs29,500/mt ($400/mt) and Rs47,000/mt ($637/mt) ex-works Raipur, respectively, with limited takers.
In Mumbai, the index for billet increased by Rs1,000/mt to Rs45,500/mt ex-works with a surge in local scrap prices amid tight supply. The index for rebar was up by Rs100/mt at Rs50,000/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot rose Rs100/mt to Rs45,700/mt ex-works. Trades of semis and finished products have dropped by 50pc due to the impact of the second wave of COVID-19, traders said.
In Durgapur, the bi-weekly index for billet surge by Rs1,700/mt to Rs44,000/mt following rise in rebar prices. The index for rebar, Tuesday, rose by Rs2,000/mt to Rs49,000/mt compared to last Thursday.