Ingot and billet prices slid in Raipur and Mandi Gobindgarh as demand continues to be dormant due to lockdowns. The daily Davis Index for billet in Raipur slipped by Rs600/mt ($8/mt) to Rs41,600/mt ($565/mt) ex-works on Thursday as buyers preferred to stay away amid uncertain market conditions.
Secondary mills in Raipur noted that improvement in market situation is not possible until the pandemic is brought under control. In Raipur, many expect the lockdown to be extended, which has also dampened demand.
Offers for pellet sponge iron reduced to Rs29,000/mt ($394/mt) ex-works despite no takers. The daily index was rebar was down by Rs500/mt ($7/mt) to Rs46,000/mt ($625/mt) ex-works Raipur on sluggish demand.
State-owned steelmaker RINL has raised prices of billet, rebar, and rounds by Rs1,000/mt ($14/mt) each, and of wire rod and structural products by Rs1,200/mt ($16/mt) each for May deliveries, according to Davis Index’s sources.
In Mumbai, the indexes for billet and rebar remained unchanged Rs45,500/mt and Rs50,400/mt ex-works, with limited takers.
In Mandi Gobindgarh, the daily index for ingot was down by Rs600/mt to Rs45,100/mt ex-works, in line with the fall in local scrap prices.
($1=Rs73.67)