Ingot and billet prices dipped further due to limited buying activities as resurgence of COVID-19 and lockdowns have hit demand for finished steel. The daily Davis Index for billet in Raipur was down by Rs500/mt ($7/mt) to Rs40,800/mt ($546/mt) ex-works on Tuesday due to subdued demand from re-rolling mills.
Most of the re-rolling mills have reduced production by 60-70pc due to low demand and severe shortage of industrial-use oxygen which has been diverted for medical use.
Offers for pellet sponge iron slipped to 28,500/mt ($382/mt) ex-works Raipur despite limited takers. The daily index for rebar was down by Rs500/mt ($7/mt) to Rs46,500/mt ($623/mt) ex-works.
In Mumbai, the index for billet decreased by Rs700/mt to Rs44,000/mt ex-works due to limited buying. The index for rebar remained flat at Rs49,500/mt ex -works with moderate demand.
In Mandi Gobindgarh, the daily index for ingot increased marginally by Rs100/mt to Rs44,100/mt ex-works. A few mills have shut units temporarily due to sluggish market conditions amid restrictions on movement.
In Durgapur, the bi-weekly index for billet and rebar remained flat at Rs41,500/mt and Rs46,500/mt ex-works, respectively, from last Thursday.