Ingot and billet offers were firm on Thursday despite low buying activity in most Indian secondary markets.
The daily Davis Index for billet in Raipur increased by Rs200/mt ($3/mt) and settled at Rs42,200/mt ($577/mt) ex-works on Thursday.
Most steel mills in Raipur shared that demand for billet and rebar improved in the second half of Wednesday after a long gap, however, market turned sluggish again on Thursday.
Domestic steel prices in China fell by 8-10pc which propagated negative sentiment in major steel producing countries, including India.
Offers for pellet sponge iron were heard at Rs30,000-30,300/mt ex-works on Thursday. The daily index for rebar rose by Rs400/mt to Rs46,400/mt ($643/mt) ex-works Raipur following a rise in ingot and billet prices.
In Mumbai, the index for billet fell by Rs300/mt to Rs44,400/mt ex-works followed by a dip in rebar prices. The index for rebar settled at Rs50,200/mt ex-works, down by Rs300/mt.
In Mandi Gobindgarh, the daily index for ingot slipped by Rs100/mt Rs45,400/mt ex-works.