Ingot and billet prices declined in Raipur and Mandi Gobindgarh markets due to limited buying. Primary mills could raise rebar prices by Rs2,000/mt ($27/mt) for August deliveries.
The daily Davis Index for billet in Raipur fell by Rs200/mt ($3/mt) to Rs43,300/mt ($584/mt) ex-works on Tuesday.
Some billet deals were heard at Rs43,500/mt on Monday. Suppliers were unwilling to reduce asking prices due to a surge in the price of sponge iron. Buyers lowered bids as prices in Mandi Gobindgarh declined.
Pellet sponge prices were at Rs30,700/mt ($411/mt) ex-works Raipur. The daily index for rebar remained unchanged at Rs45,200/mt ($609/mt) ex-works Raipur.
In Mumbai, the daily index for billet was flat at Rs45,200/mt. The index for rebar was up Rs100/mt at Rs49,300/mt ex-works. In Jalna, the bi-weekly index for billet was flat at Rs45,200/mt ex-works from last Thursday.
In Mandi Gobindgarh, the daily index for ingot declined Rs300/mt to Rs45,800/mt ex-works.