Ingot and billet prices fell sharply in most Indian secondary markets in the week. Market participants believed prices are unlikely to further decline on the anticipation of an improvement in Chinese buying.
The daily Davis Index for billet in Raipur fell by Rs500/mt ($6/mt) to Rs41,200/mt ($560/mt) ex-works on Friday amid selling pressure.
Billet prices decreased by Rs1,000/mt ($14/mt) so far in the week in Central India and most billet sellers sold material at reduced prices on a bearish market trend.
Meanwhile, market participants indicated that domestic steel prices which has been on a decline for the last week due to low demand for finished steel products could revive in the coming weeks. Major domestic steel mills are enquiring about semis from China which could support the domestic market in the coming days.
Pellet sponge prices dropped by Rs200/mt ($3/mt) to Rs29,700/mt ($403/mt) ex-works Raipur on Thursday with few takers. The daily index for rebar was down by Rs200/mt to Rs44,200/mt ($600/mt) ex-works Raipur.
In Mumbai, the daily index for billet declined by Rs200/mt to Rs43,700/mt ex-works following a dip in rebar prices. The index for rebar was down by Rs300/mt at Rs49,200/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot fell by Rs300/mt to Rs44,200/mt ex-works in line with a drop in local scrap prices.