Ingot and billet prices on Wednesday registered an uptick in Central India with a few deals reported.
The daily Davis Index for billet in Raipur was up by Rs200/mt ($3/mt) to Rs40,900/mt ($550/mt) ex-works on Wednesday with limited deals reported. Billet sellers managed to sell limited volumes in the first half of the day following the uptick in Mandi Gobindgarh market.
Few secondary mills in Central India have already slashed production while those in Maharashtra have plans to curtail production from July 1, pressured by high input costs and weak demand from consuming sectors.
Pellet sponge offers were Rs29,700/mt ($400/mt) ex-works Raipur. The daily index for rebar was unchanged at Rs44,000/mt ($592/mt) ex-works Raipur on moderate demand.
In Mumbai, the daily index for billet declined by Rs200/mt to Rs41,600/mt and the index for rebar remained flat at Rs45,800/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was up by Rs100/mt to Rs42,400/mt ex-works.