Ingot and billet trades thinned on Thursday as demand tapered at higher prices. A revival of rebar demand across India relieved secondary steelmakers this week, even as firm prices slowed trades in Raipur.
The daily Davis Indexes for billet and rebar in Raipur on Thursday rose by Rs200/mt ($2.75/mt) and Rs400/mt to Rs34,600/mt ($474.91/mt) and Rs39,000/mt ($535.57/mt) ex-works, respectively.
An uptick in Sponge iron prices supported higher billet and ingot prices. Pellet Sponge offers Thursday rose to Rs24,000/mt ex-works Raipur.
Also buyers turned cautious taking cue from a drop in Mandi Gobindgarh prices. The daily index for ingot in Mandi Gobindgarh fell by Rs300/mt to Rs36,800/mt amid limited trades. In Ludhiana, the bi-weekly index for ingot increased by Rs800/mt to Rs37,500/mt.
Rebar demand improved in the Western Indian markets this week, but with heavy trading on Wednesday volumes dropped on Thursday.
Limited trades were heard as buyers reduced volumes at higher prices.
In Mumbai, the daily index for billet, Thursday, rose by Rs800/mt to Rs37,500/mt and while rebar rose by Rs500/mt to Rs43,000/mt ex-works from Wednesday amid limited trades.
While In Jalna, rebar prices appreciated driven by robust demand but trades slowed. The bi-weekly index for billet rose by Rs1,200/mt to Rs36,700/mt ex-works Jalna from Tuesday, while rebar increased Rs1,200/mt to Rs43,600/mt ex-works.
The bi-weekly index for rebar in Kutch, Thursday, rose by Rs600/mt to Rs41,500/mt from Tuesday, while the index from billet gained Rs500/mt to Rs36,500/mt.