Ingot and billet prices remained under pressure in Raipur but inched up in Mumbai and Jalna.
The daily Davis Index for billet in Raipur fell by Rs200/mt ($3/mt) to Rs40,400/mt ($540/mt) ex-works on Thursday in a quiet market due to limited buying interest.
Secondary mills in central India faced a margin squeeze and difficulties in running plants due to high input costs. A rebar mill in Raipur stated, the price of coal, used for reheating purposes in rolling mills, has increased from Rs6,500/mt ($87/mt) to 10,500/mt ($140/mt) delivered mill in the last two months.
Pellet sponge prices were around Rs28,800/mt ($385/mt) ex-works Raipur. The daily index for rebar has dropped by Rs200/mt to Rs43,100/mt ($576/mt) ex-works Raipur amid limited buying.
In Mumbai, the daily index for billet was up by Rs100/mt to Rs41,500/mt following a rise in rebar prices. The index for rebar was up by Rs200/mt to Rs46,200/mt as demand improved.
In Jalna, the bi-weekly index for billet was up by Rs500/mt to Rs41,500/mt ex-works on Thursday from Tuesday. The bi-weekly index for rebar was up by Rs300/mt to Rs46,000/mt ex-works on healthy sales.
In Mandi Gobindgarh, the daily index for ingot settled flat at Rs43,100/mt ex-works in a silent market. The Punjab government has announced power cuts for heavy industries, including steel, until July 11.
In Chennai, the bi-weekly index for billet fell by Rs1,000/mt to Rs42,000/mt, and the index for rebar decreased by Rs500/mt to Rs47,000/mt on Thursday from Tuesday.