Ingot , billet prices remained flat in Raipur and Mumbai markets, while prices in Mandi Gobindgarh slipped on Friday.
The daily Davis Index for billet in Raipur remained unchanged at Rs42,200/mt ($571/mt) ex-works on Friday amid a silent market.
To offset losses due to the sharp hike in input costs including iron ore, induction furnaces in Raipur decided on Thursday to increase prices of ingot and billet by Rs1,000/mt ($14/mt) each and will hold the increased prices for the next two days.
They are also facing extreme margin squeeze due to higher sponge iron prices and re-rolling mills are unwilling to buy ingot or billet due to weak rebar sales.
Offers for pellet sponge stayed firm at Rs30,800/mt ($416/mt) ex-works. The daily index for rebar fell by Rs200/mt ($3/mt) to Rs45,500/mt ($615/mt) ex-works Raipur on sluggish rebar sales.
In Mumbai, the daily index for billet fell by Rs200/mt to Rs43,000/mt ex-works following a fall in rebar prices. The index for rebar was down by Rs400/mt to Rs47,000/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was down by Rs500/mt to Rs44,500/mt ex-works, in sync with the fall in local scrap prices.