Ingot and billet prices in India continued to remain high due to the increase in sponge and pig iron prices as demand for rebar remained moderate despite a surge in prices. The ongoing monsoon has contracted demand for rebar.
The daily Davis Index for billet in Raipur was up by Rs100/mt ($1/mt) at Rs42,300/mt ($568/mt) ex-works on Thursday as sellers continued to raise offers on tight supply. Some billet deals reported at Rs42,300/mt, on Wednesday. Ingot and billet prices up by Rs1,500-2,000/mt ($20-27/mt) in the past week in central India.
Billet suppliers were unwilling to reduce offers amid high sponge and pig iron prices. Pig iron prices surged by Rs700-800/mt on July 22 in an auction conducted by SAIL-Bhilai unit where bid was received at Rs37,750-38,000/mt ($507-511/mt) ex-works Bhilai.
Pellet sponge prices declined by Rs100/mt at Rs29,600/mt ($398/mt) ex-works Raipur. The daily index for rebar was flat at Rs45,000/mt ($604/mt) ex-works Raipur due to a limited buying interest.
In Mumbai, the daily index for billet was down by Rs100/mt at Rs43,800/mt due to sluggish demand from re-rolling mills. The index for rebar was flat at Rs48,000/mt ex-works Mumbai.
In Jalna, the bi-weekly index for billet was up by Rs500/mt at Rs44,000/mt ex-works on Thursday compared to Tuesday. The bi-weekly index for rebar was also up by Rs500/mt to Rs47,500/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot rose by Rs400/mt to Rs45,600/mt ex-works in sync with a rise in domestic scrap prices.