Ingot and billet prices ended their two-day uptrend in the secondary market. Rebar sales in Raipur and Mumbai mills weakened as demands remained scarce.
The daily Davis Index for billet in Raipur was down by Rs400/mt ($5/mt) at Rs42,900/mt ($576/mt) ex-works on Friday on limited buying activities. Ingot and billet prices in Raipur decreased in the first half following the Mandi Gobindgarh market. Later in the day, however, prices registered an uptick.
Mills in Raipur and Mumbai struggled to sell rebar as construction activities remain affected by ongoing monsoons in most regions.
Pellet sponge prices were flat at Rs30,200/mt ($406/mt) ex-works Raipur. The daily index for rebar remained unchanged at Rs45,200/mt ($607/mt) ex-works Raipur.
In Mumbai, the daily index for billet declined by Rs200/mt to Rs44,800/mt, due to slow buying from mills . The index for rebar also fell by Rs200/mt at Rs48,800/mt ex-works.
In Mandi Gobindgarh, the daily index for ingot was down by Rs400/mt to Rs45,700/mt ex-works.
($1= Rs74.4)