Ingot and billet prices largely remained flat on Tuesday in India. The daily Davis Index for billet in Raipur settled unchanged at Rs38,500/mt ($525/mt) ex-works as suppliers continued to hold offers on account of higher Sponge iron prices, though demand is sparse at these price levels. Most of the re-rolling mills have booked ingot and billet at lower prices and have sufficient stock for at least a week. However, prices are unlikely to come down in the near term.
Pellet Sponge offers rose to Rs27,400/mt (379/mt) ex-works with no takers. The index for rebar remained flat at Rs42,700/mt ($591/mt) ex-works Raipur on moderate demand since last two days.
In Mumbai, the daily index for billet increased by Rs500/mt to Rs42,600/mt ex-works following an increase in rebar prices. The index for rebar increased by Rs300/mt to Rs46,600/mt ex-works. In Jalna, the bi-weekly index for billet rose by Rs1,500/mt to Rs41,500/mt ex-works from last Thursday due to surge in local scrap prices, while rebar increased Rs1,000/mt to Rs47,000/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot remained unchanged at Rs40,400/mt ex-works. In Ludhiana, the bi-weekly index for ingot was up by Rs1,000/mt to Rs40,500/mt ex-works on Tuesday compared to last Thursday.
In Kutch, the bi-weekly index for billet increased by Rs1,300/mt at Rs41,000/mt ex-works. The index for rebar increased by Rs 1,300/mt to Rs46,600/mt ex-works