Ingot and billet prices slipped on Thursday across the Indian secondary market. The daily Davis Index for billet in Raipur fell by Rs600/mt ($8.23/mt) to Rs32,800/mt ($449.6/mt) ex-works amid fall in Pellet Sponge prices. Some billet deals were reported at Rs32,700/mt and trades improved at lower prices. Market participants feel prices have bottomed out.
Pellet Sponge were traded at Rs22,500/mt ($308.64/mt) ex-works, down by Rs500/mt ($6.85/mt) from the previous day while the index for rebar was down by Rs1,000/mt (13.7/mt) to Rs38,000/mt ($521.26/mt) ex-works Raipur, with limited takers.
In Mumbai, the daily index for billet fell by Rs500/mt to Rs35,000/mt ex-works. Secondary mills continued to hold rebar prices for the fourth straight day despite moderate demand, with the index settling at Rs42,500/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was down by Rs400/mt to Rs35,100/mt with a fall in domestic scrap prices.
In Duragpur, the bi-weekly index for billet fell by Rs600/mt to Rs33,900/mt ex-works on Thursday compared to Tuesday, while rebar fell by Rs500/mt to Rs39,500/mt ex-works.
In Chennai, the bi-weekly index for billet dropped by Rs1,000/mt to Rs34,000/mt ex-works on Thursday, while rebar settled unchanged to Rs42,000/mt ex-works with very few buyers.