Ingot and billet prices declined on Friday across India.
The daily Davis Index for billet in Raipur fell by Rs600/mt ($8.23/mt) to Rs36,900/mt ($506.17/mt) ex-works on Friday as offers declined with a fall in rebar prices. Buyers backed out from the market amid bearish market sentiment. The market could be silent until the union budget on Feb 1. Most eyes are set on the stimulus packages the government has to offer to revive the economy. The daily index for rebar fell by Rs500/mt ($6.85/mt) to settle at Rs39,800/mt ($545.95/mt) ex-works.
In Mumbai, the daily index for billet declined by Rs1,000/mt to Rs36,200/mt ex-works due to a drop in rebar and Sponge iron prices in the Bellary region. The index for rebar fell by Rs500/mt at Rs40,300/mt ex-works, amid subdued demand.
In Mandi Gobindgarh, the daily index for ingot fell by Rs900/mt to Rs36,000/mt with a decline in domestic scrap prices by Rs750/mt.