Ingot and billet prices fell in most secondary steel markets in India amid limited buying activities. Rebar prices were flat in Mumbai’s secondary market on Thursday despite sluggish sales.
The daily Davis Index for billet in Raipur fell by Rs450/mt ($6/mt) to Rs41,700/mt ($562/mt) ex-works on Thursday amid tepid demand. Despite reduced offers for billet, re-rolling mills showed a lack of interest due to sluggish rebar demand in the local market, this week.
Pellet sponge prices dropped by Rs300/mt ($4/mt) to Rs29,900/mt ($401/mt) ex-works Raipur on Thursday with few takers. The daily index for rebar was down by Rs300/mt to Rs44,700/mt ($602/mt) ex-works Raipur.
Iron ore pellet prices fell by around Rs3,000/mt ($40/mt) in Central India in a month from Rs15,000/mt ($202/mt) last month and are currently around Rs12,000/mt ($161/mt) in Raipur.
In Mumbai, the daily index for billet declined by Rs100/mt to Rs43,900/mt ex-works with offers at Rs44,000/mt and bids at Rs43,800/mt. The index for rebar was flat at Rs49,500/mt ex-works despite sluggish sales. In Jalna, the bi-weekly index for billet fell by Rs600/mt to Rs43,600/mt ex-works Jalna from Tuesday with some quantities sold.
In Mandi Gobindgarh, the daily index for ingot slipped by Rs550/mt to Rs44,500/mt ex-works in line with a drop in local scrap prices.