Ingot and billet prices witnessed a dip due to limited buying amid uncertain market conditions. The daily Davis Index for billet in Raipur decreased by Rs300/mt ($4/mt) to Rs38,500/mt ($530/mt) ex-works on Friday due to buyers’ reluctance due to volatile market conditions.
Secondary steel mills in Central India are also concerned with the sudden upsurge in COVID-19 cases in Chhattisgarh and neighboring state Maharashtra, which may dampen overall business activity, resulting in moderate finished steel demand.
Pellet Sponge offers stayed firm at Rs27,300/mt ($377/mt) ex-works Raipur. The daily index for rebar decreased by Rs200/mt ($3/mt) to Rs42,400/mt ($586/mt) ex-works Raipur due to sluggish demand.
In Mumbai, the index for billet was flat to Rs40,200/mt ex-works. Some billet suppliers increased offers by Rs100-200/mt but buyers were not interested, so no deal could materialize at increased prices. The index for rebar in Mumbai has remained unchanged at Rs46,700/mt ex-works since the starting of the week amid supporting demand from the end-users.