Ingot and billet prices increased despite moderate buying on Friday. The daily Davis Index for billet in Mumbai increased by Rs500/mt ($7/mt) to Rs43,000/mt ($586/mt) ex-works, despite moderate demand. Re-rolling mills are well-stocked with ingot and billet supplies for the next few days and are not in hurry to purchase more material.
A few steel mills also said that finished steel demand is limited and are procuring material on a need basis despite high billet and rebar prices. Mill operators also feel that there may be some downward correction going forward as prices seem unsustainable. The daily index for rebar increased by Rs200/mt ($3/mt) to Rs47,900/mt (653/mt) ex-works Mumbai.
In Raipur, the index for billet increased by Rs400/mt to Rs41,600/mt on higher Sponge iron prices. Pellet Sponge offers increased to 29,500/mt ($402/mt) ex-works Raipur with no takers. The daily index for rebar remained unchanged at Rs45,000/mt (613/mt) ex-works Raipur.
Chhattisgarh’s state government has announced a complete lockdown in Durg district from April 6-14 to curb the rising COVID-19 cases which will impact business and trade.
In Mandi Gobindgarh, the index for ingot increased by Rs300/mt to Rs42,700/mt ex-works, in sync with the increase in local scrap prices.
($1=Rs73.32)