Ingot and billet prices slipped on Wednesday on a limited demand in most Indian secondary markets.
The daily Davis Index for billet in Raipur fell by Rs800/mt ($10/mt) and settled at Rs42,000/mt ($574/mt) ex-works on Wednesday in a buyer’s market. Few billet deals were reported at Rs42,200/mt. In the latter half of the day, billet sellers reduced offers to boost sales in the local market.
Few steel mills in Raipur are looking at export markets given a slow-down in domestic finished steel demand. A steel mill recently sold 3,000mt of billet to Nepal worth approximately $590-600/mt loaded at rake Raipur.
Offers for pellet sponge iron were at Rs30,000/mt ex-works, down by Rs500/mt from a day ago but there were only a few takers. The daily index for rebar slipped by Rs1,000/mt to Rs46,000/mt ($643/mt) ex-works Raipur.
In Mumbai, the index for billet fell by Rs100/mt to Rs44,700/mt ex-works followed by a dip in rebar prices. The index for rebar was at Rs50,500/mt ex-works, down by Rs200/mt.
A dip in local scrap prices resulted in the daily index falling for ingot by Rs700/mt to Rs45,500/mt ex-works Mandi Gobindgarh.