Ingot and billet prices dipped on Monday in Raipur and Mandi Gobindgarh markets as sellers reduced offers due to weak demand.
The daily Davis Index for billet in Raipur dropped by Rs800/mt ($11/mt) to settle at Rs42,400/mt ($580/mt) ex-works on Monday from Friday. Billet suppliers’ offers were at Rs42,500/mt but buyers decided to wait. The price decline is also due to a similar decrease in Mandi Gobindgarh market.
Offers for pellet sponge were down by Rs400/mt to Rs30,600/mt ex-works. The daily index for rebar was down Rs500/mt at Rs46,000/mt ex-works Raipur with sluggish sales.
Real estate developers in Mumbai shared that labourer’s mobility has increased in the first week of June at some of the construction sites. The workforce returning to duty amid relaxation in lockdown is good news for second steel mills in Mumbai and Jalna.
In Mumbai, the daily index for billet decreased by Rs400/mt at Rs43,600/mt ex-works as supply exceeded demand. The index for rebar remain unchanged at Rs47,900/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was down by Rs600/mt to Rs46,000/mt ex-works, in line with the drop in local scrap prices.