Ingot and billet prices slipped on Monday across India. The Davis Index for billet in Mumbai decreased by Rs1,100/mt ($15/mt) from Friday to Rs40,100/mt ($548/mt) ex-works as markets turned silent. A fall in local scrap prices also impacted prices. Rebar price, however, remained unchanged with its index at Rs46,600/mt ex-works Mumbai as sellers were unwilling to reduce asking rates.
In Raipur, the index for billet decreased by Rs700/mt ($10/mt) to Rs37,800/mt ($516/mt) ex-works as supply has started to exceed demand. Primary and secondary steelmakers competed in the Indian markets to sell material resulting in excess supply. The index for rebar dropped by Rs500/mt to Rs42,000/mt ex-works Raipur, with demand coming under pressure.
State-owned mining company National Mineral Development Corporation (NMDC) has kept iron ore prices unchanged for March deliveries hinting at a possibility of stability in international prices. The benchmark of 62pc Fe closed at $175/mt cfr China. Pellet Sponge offers were thus unchanged at Rs27,000/mt ($368/mt) ex-works Raipur with bids at Rs26,700/mt.
In Mandi Gobindgarh, the index for ingot slipped by Rs900/mt to Rs39,300/mt ex-works with a fall in local scrap prices.