Ingot, billet prices fell in most secondary markets, but trades improved at lower prices. Most secondary rebar producers in Mumbai are witnessing a bearish market due to moderate finished steel demand.
The daily Davis Index for billet in Raipur declined by Rs550/mt ($7/mt) at Rs42,600/mt ($574/mt) ex-works on Monday from Friday. A few billet deals were reported after sellers accepted lower bids. A marginal recovery was seen in markets in mandi Gobindgarh, post which, buyers turned active in Central India.
Pellet sponge prices remained at Rs31,000/mt ($417/mt) ex-works Raipur with hardly any trades at higher prices. The daily index for rebar declined by Rs500/mt at Rs44,700/mt ($602/mt) ex-works Raipur on sluggish demand.
In Mumbai, the daily index for billet declined by Rs900/mt at Rs44,350/mt following a slump in rebar and local scrap prices. The index for rebar declined by Rs300/mt at Rs49,300/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot dropped by Rs600/mt at Rs45,000/mt ex-works in-line with a slump in local scrap prices.