The daily Davis Index for billet in Raipur fell by Rs150/mt (2.03/mt) and settled at Rs35,400/mt ($480.45/mt) ex-works on Friday due to less number of buyers. Steel mills said ingot and billet prices are feeling the pressure after witnessing an uptrend, and buyers are unwilling to accept high prices. Thus, low trade activities were reported on Thursday and Friday.
Pellet Sponge offers remained unchanged at Rs25,500/mt ($346.46/mt) ex-works Raipur, but buyers are targeting Rs25,100-25,200/mt though no trade happened during the week. The index for rebar fell by Rs100/mt ($1.35/mt) to Rs38,400/mt ($521.73/mt) ex-works with sluggish trades, mill owners informed.
In Mumbai, the daily index for billet in Mumbai fell by Rs100/mt to settle at Rs37,800/mt ex-works on Friday, with limited trades reported.
Mills are expecting some price correction in ingot and billet in near term but not in rebar. They are also facing extreme margin pressure due to record high Sponge prices and are waiting for some correction to procure material at lower prices. The index for rebar remained unchanged to Rs42,000/mt ex-works Mumbai on sustained rebar demand.
In Mandi Gobindgarh, the daily indexes for ingot and rebar were flat at Rs37,400/mt ex-works and Rs41,500/mt ex-works, respectively.