Indian domestic steel markets waited for clarity in global steel prices as China resumed its exports. Mills also stayed away from booking ferrous scrap.
The Davis Index for rebar in Raipur settled flat at Rs32,800/mt ($446/mt) ex-works from Monday. Labourers and transporters are yet to return after the Holi holiday and trades were thin in the market.
The Davis Index for billet settled at Rs28,600/mt ($387.27/mt) ex-works Raipur, down by $50/mt from the prior Monday. Trades have halted due to a cash crunch. Pellet sponge iron prices in Raipur inched up by Rs100/mt to Rs18,400-18,500/mt on Wednesday.
In Mumbai, the daily Davis Index for rebar settled unchanged at Rs35,100/mt (474.46/mt) ex-works. Demand for Indian steel in overseas markets is likely to lose its steam with China resuming its exports.
The daily Davis Index for billet in Mumbai dropped by Rs300/mt and settled at Rs30,750/mt ($417/mt) ex-works. Trades for billets were at Rs30,700-30,800/mt on Wednesday.
In Mandi Gobindgarh, the daily index for ingot settled flat at Rs31,300/mt ex-works from Monday.
($1=Rs73.68)