Indian ingot and billet prices fell in Mandi Gobindgarh and Raipur as buyers remained wary of uncertain market conditions.
The daily Davis Index for billet in Raipur declined by Rs150/mt ($3/mt) at Rs43,350/mt ($584/mt) ex-works on Thursday.
Market participants informed; rebar sales have slowed down in Central India as demand from the construction sector has slumped amid ongoing monsoons. Secondary steel players are on the wait as NMDC is yet to revise iron ore prices in August.
Pellet sponge prices stayed at Rs31,000/mt ($419/mt) ex-works Raipur. The daily index for rebar remained unchanged at Rs45,200/mt ($610/mt) ex-works Raipur on sluggish demand this week.
In Mumbai, the daily index for billet remained unchanged at Rs45,500/mt with limited buyers. While the index for rebar increased by Rs200/mt at Rs49,700/mt ex-works.
In Jalna, the bi-weekly index for billet was down by Rs200/mt to Rs45,000/mt ex-works on Thursday as compared to Tuesday.
In Gujarat, the bi-weekly index for billet remained unchanged at Rs45,300/mt ex-works Kutch as trades remained slow.
In Mandi Gobindgarh, the daily index for ingot declined by Rs400/mt to Rs45,600/mt ex-works.