Ingot, billet prices declined across Indian secondary markets as sentiment turned negative following a substantial decrease in iron ore prices in the international market.
The daily Davis Index for billet in Raipur was down by Rs300/mt ($4/mt) to Rs43,200/mt ($581/mt) ex-works on Friday due to limited buyers.
Ingot and billet buyers stayed away from purchases as international iron ore prices dropped by 15-20pc in a day.
Despite a few sales in the second half of Thursday at Rs43,400 ($584/mt) del Raipur, buyers stayed away from markets on Friday which resulted in scarce bids, Raipur billet suppliers said.
Pellet sponge prices dropped by Rs100/mt (1/mt) to Rs31,700/mt ($426/mt) ex-works Raipur. The daily index for rebar was down by Rs100/mt to Rs45,600/mt ($613/mt) ex-works Raipur amid weak demand.
In Mumbai, the daily index for billet declined by Rs400/mt ($5/mt) to Rs44,800/mt ($608/mt) following a slump in rebar prices. The index for rebar was down by Rs500/mt to Rs50,000/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was down by Rs200/mt to Rs45,700/mt ex-works.