Ingot and billet prices declined on Wednesday in India. The daily Davis Index for billet in Mumbai dropped by Rs400/mt ($5/mt) to Rs41,600/mt ($571/mt) ex-works amid lack of demand.
Billet suppliers held offers firm for the past two days only to relent on Wednesday as buyers resisted earlier asking prices. Suppliers could reduce prices further in the coming days due to distressed selling. Although prices for semi-finished steel dropped, mills kept rebar offers unchanged keeping the index flat at Rs46,600/mt ($640/mt) ex-works Mumbai.
In Raipur, the daily index for billet decreased by Rs200/mt to Rs38,300/mt ex-works with buyers resisting even the reduced prices.
Pellet Sponge offers were unchanged at Rs27,400/mt ex-works with not many takers. The index for rebar remained flat at Rs42,700/mt ex-works Raipur on sluggish demand for the last three days.
In Mandi Gobindgarh, the daily index for ingot marginally dipped by Rs100/mt at Rs40,300/mt ex-works. Market participants believe prices will remain range bound in the near term.