Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Ingot, billet prices dipped in Central India markets as buyers prefer to wait and watch.

The daily Davis Index for billet in Raipur slipped by Rs200/mt ($3/mt) to Rs41,700/mt ($562/mt) ex-works on Wednesday. Billet sellers were reluctant to reduce offers. But lack of buying interest kept trading slow.

Market participants are waiting for a revival in finished steel demand, which has been slow for a week. Sponge producers in Central India were unwilling to reduce asking prices further due to margin squeeze and tight availability.

Offers for pellet sponge offers were at Rs30,500/mt ($411/mt) ex-works, with buyers away from these levels. The daily index for rebar fell by Rs200/mt ($3/mt) to Rs46,000/mt ($620/mt) ex-works Raipur.


In Mumbai, the daily index for billet remained unchanged at Rs43,000/mt ex-works, While the index for rebar fell by Rs300/mt to Rs46,000/mt ex-works. On Tuesday, some billet export deals were heard at $630/mt fob India, to be shipped to Abu Dhabi.

In Mandi Gobindgarh, the daily index for ingot was unchanged to Rs44,200/mt ex-works.

($1= Rs74.28)

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