The daily Davis Index for 8Ani fell by Rs450/mt ($6.15/mt) to Rs34,250/mt ($467.98/mt ex-Alang, respectively, amid sluggish demand from the rolling mills in Mandi Gobindgarh and Gujarat. Limited deals were reported on Tuesday.
The daily Davis Indexes for 1kg and 5kg plates declined by Rs450/mt each to Rs30,550/mt and Rs32,750/mt ex-Alang, respectively, amid weak demand for finished steel. The construction and infrastructure sectors have lost steam due to cash crunch and unviable prices of finished steel and cement.
The daily index for HMS attachments and Melting dropped by 400/mt each to Rs30,400/mt and Rs29,400/mt ex-Alang, respectively with deals concluding at these levels.
($1=Rs73.18)