Ingot and billet prices bounced back as buyers remained active which led to an increase in trades.
The daily Davis Index for billet in Mumbai was up by Rs300/mt ($4/mt) to Rs44,000/mt ($593/mt) ex-works on Tuesday on healthy demand after a downtrend last week. Billet sales were at Rs43,500/mt in the first half after which mills raised prices.
Secondary mills in Mumbai reduced rebar prices by Rs400/mt in the first half of the day but picked up later as mills increased prices by Rs200/mt. The index for rebar fell by Rs200/mt to Rs49,300/mt ($665/mt) ex-works Mumbai.
In Raipur, the daily index for billet inched up by Rs100/mt to Rs42,300/mt ($570/mt) following an increase in prices in Mandi Gobindgarh and Mumbai. Sellers remained unwilling to reduce offers and some deals were reported at Rs42,200/mt ex-works.
The index for rebar was flat at Rs49,500/mt ex-works Raipur. Similarly, pellet sponge prices were at Rs30,200/mt ex-works Raipur with limited buyers.
In Mandi Gobindgarh, the daily index for ingot was up by Rs300/mt to Rs45,100/mt ex-works in line with an increase in local scrap prices.
In Chennai, the bi-weekly index for billet was down by Rs500/mt at Rs43,000/mt on Tuesday compared to last week following a decline in sponge iron prices. Mills expect a further drop in sponge iron prices with thus buyers remained scarce.