Ingot and billet prices dropped due to limited buying on Wednesday. The daily Davis Index for billet in Raipur dipped by Rs200/mt ($3/mt) to Rs38,300/mt ($528/mt) ex-works with some deals reported at Index price. Few integrated mills sold billet at lower prices to achieve sales target of the fiscal year that ends on March 31. However, some sellers are not ready to sell below the asking prices despite buyers targeting lower prices. Demand is expected to be positive after the festival of Holi on March 29.
Few steel mills also said that demand for rebar is better compared to wire rod and, hopefully, rebar prices will sustain going forward.
Pellet Sponge offers stayed firm at Rs27,200/mt ($375/mt) ex-works Raipur. The daily index for rebar settled unchanged at Rs42,400/mt ($584/mt) ex-works Raipur.
In Mumbai, the indexes for billet and rebar were flat at Rs41,000/mt and Rs46,700/mt ex-works, respectively. Mills in Mumbai continue to hold prices due to strong demand along with shortage of material.
In Mandi Gobindgarh, the index for ingot dropped by Rs600/mt to Rs40,000/mt ex-works due to sluggish demand of finished steel products.