The daily index for ingot in Mandi Gobindgarh fell by Rs450/mt ($5.95/mt) to Rs30,500/mt (403.43/mt) ex-works due to a fall in finished steel prices. Steel mills are still running at 50pc capacity to match the tepid demand.
In Raipur, the daily index for billet was unchanged at Rs27,500/mt ($363.75/mt) ex-works on Wednesday. Pellet sponge iron prices were at Rs15,800-16,000/mt ex-works Raipur, up by Rs200-300/mt after NMDC hiked iron ore prices by Rs200/mt on Tuesday.
The daily Davis Index for rebar settled at Rs31,000/mt (410.05/mt) ex-works Raipur, unchanged. Demand for finished steel remains a challenge for a few weeks now. Bookings are negligible and mill are distressed to clear their older inventories. But buyers are not keen for trades at the present price levels.
In Mumbai, the daily Davis Index for billet settled flat at Rs27,550/mt ($364.41/mt) ex-works. The daily Davis Index for rebar settled at Rs31,700/mt ($419.31/mt) ex-works Mumbai, also unchanged.