Billet prices declined in most Indian secondary markets on oversupply.
In Maharashtra, the bi-weekly Davis Index for billet in Jalna fell by Rs900/mt ($12/mt) to Rs42,100/mt ($574/mt) ex-works Jalna from last Thursday also on limited demand. Billet offers were at Rs42,200/mt and bids at Rs42,000/mt ex-works. On Monday, however, some billets were sold to buyers in Pune at a price equivalent of Rs42,800/mt ($583/mt) ex-works Jalna.
In Mumbai, the daily index for billet fell by Rs300/mt ($4/mt) at Rs41,650/mt ($567/mt) due to limited buyers and a decline in rebar prices. The index for rebar fell by Rs500/mt ($7/mt) to Rs47,000/mt ($640/mt) ex-works.
In Raipur, the daily index for billet declined by Rs300/mt to Rs41,000/mt ex-works as trading slowed. On Monday, some billet deals were heard at Rs41,200/mt ex-works Raipur. Few mills preferred to sell billet instead of rebar as the demand for the latter was under pressure.
Pellet sponge prices remained unchanged at Rs29,500/mt ex-works Raipur. The index for rebar fell by Rs400/mt to Rs44,000/mt ex-works Raipur.
In Mandi Gobindgarh, the daily index for ingot fell by Rs200/mt to Rs44,300/mt ex-works in-line with the fell in local scrap prices.