Ingot and billet prices continued to remain firm on Thursday due to tight supply of material and high input costs. The daily Davis Index for billet in Raipur was up by Rs200/mt ($3/mt) to Rs41,200/mt ($556/mt) ex-works despite low-volume trades. On Wednesday, billet and rebar trades had improved after a long time, but it lost steam on Thursday.
Steel mills do not expect local market to show any positive sign until the COVID-19 situation comes under control and restriction are lifted by the state governments.
Offers for pellet sponge iron dipped by Rs200/mt ($3/mt) to Rs28,300/mt ($382/mt) ex-works Raipur with very few takers, as trading was subdued due to lockdown in the city. The daily index for rebar was flat at Rs46,500/mt ($628/mt) ex-works.
In Mumbai, the index for billet increased by Rs200/mt to Rs43,800/mt ex-works following a rise in rebar prices. The index for rebar was up by Rs200/mt at Rs49,500/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot increased by Rs200/mt to Rs44,700/mt ex-works, in line with increase in local scrap prices.
In Durgapur, the bi-weekly index for billet increased by Rs800/mt to Rs42,300/mt while the index for rebar was up by Rs600/mt to Rs46,900/mt on Thursday, compared to Tuesday.