Indian Ingot and billet prices declined in Raipur and Mandi Gobindgarh due to limited buying interest. The ongoing bouts of heavy rains across western and southern India are expected to hurt rebar demand for the rest of the month.
The daily Davis Index for billet in Raipur fell Rs200/mt ($3/mt) to Rs42,100/mt ($565/mt) ex-works on Friday as most buyers stayed away from the market. Few billet deals were reported at Rs42,200/mt del Raipur.
Market participants believed that domestic ingot and billet prices which rose Rs2,000/mt ($26/mt) through the week are unsustainable. Heavy rains in many parts of India could moderate the demand for long products in July.
Pellet sponge prices declined by Rs100/mt at Rs29,500/mt ($397/mt) ex-works Raipur. The daily index for rebar was flat at Rs45,000/mt ($605/mt) ex-works Raipur despite weak sales.
In Mumbai, the daily index for billet and rebar remained unchanged at Rs43,800/mt and Rs48,000/mt ex-works, respectively. Heavy rains across Maharashtra kept demand under pressure.
In Mandi Gobindgarh, the daily index for ingot fell Rs600/mt to Rs45,000/mt ex-works, in line with a decline in local scrap prices.