Ingot and billet prices slipped for the third day. The daily Davis Index for billet in Raipur declined by Rs500/mt ($7/mt) to Rs38,300/mt ($528/mt) ex-works on Wednesday with only a few deals. Buyers took a step back as the rising tally of COVID-19 in many parts of India has led to a tightening of restrictions.
Steel mills in central India are unsure of sales picking up in the coming days which could keep prices under pressure. Some mills are struggling to meet their sales target for the year ending on March 31.
In the seaborne market, a primary steel mill in South India had recently booked a bulk cargo of billets at $460-465/mt fob India.
Pellet Sponge offers were at Rs27,000/mt ($372/mt) ex-works Raipur. The daily index for rebar decreased by Rs400/mt ($4.13/mt) to Rs42,500/mt ($586/mt) ex-works Raipur on weak demand.
In Mumbai, the index for billet decreased by Rs600/mt to Rs40,000/mt ex-works with a fall in domestic and imported scrap prices. While the index for rebar in Mumbai remained unchanged at Rs46,700/mt ex-works as demand showed an uptick.