Semi-finished and finished steel prices in India ended their week-long uptrend on Friday. Although large-scale mills focussed on exports, small-and-medium scale mills remain distressed by weak demand for steel in the domestic market. Lockdowns and stringent movement restrictions in most regions have impacted economic activities.
The daily Davis Index for rebar in Raipur settled unchanged at Rs49,000/mt ($668.60/mt) while that for billet decreased by Rs400/mt ($5.45/mt) to Rs43,800/mt ($597.65/mt) ex-works. Since early this month, billet prices have increased by Rs2,000/mt ex-works Raipur keeping buyers away from purchases. A decline in production due to lack of oxygen has also impacted billet deals.
In Mumbai, the daily Davis Index for rebar remained unchanged at Rs51,200/mt ex-works despite offers rising by Rs100/mt to Rs51,300/mt ex-works, while that for billet declined by Rs200/mt to Rs45,800/mt ex-works.
The daily index for ingot in Mandi declined by Rs550/mt to Rs45,900/mt ex-works amid weak demand.