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

Indian domestic ingot and billet prices lowered on Thursday in Central India, while Mandi Gobindgarh was flat.


The daily Davis Index for billet in Raipur was down by Rs200/mt ($3/mt) to Rs40,700/mt ($546/mt) ex-works on Thursday. Billet suppliers raised offers in the first half of the day after news about the power cut in Mandi for the next 2 days broke. However, market did not sustain as buyers targeted lower prices in Central India.


Pellet sponge offers were reduced to Rs29,400/mt ($395/mt) ex-works Raipur due to weak buying from Induction furnaces. The daily index for rebar declined Rs100/mt to Rs43,800/mt ($588/mt) ex-works Raipur.


In Mumbai, the daily index for billet also fell by Rs200/mt to Rs41,600/mt while the index for rebar remained flat at Rs45,800/mt ex-works, respectively. Most secondary mills in Mumbai have cut production by 25-35pc on average due to cost pressure, weak demand and rising inventory levels.


In Mandi Gobindgarh, the daily Davis Index for ingot flat at Rs42,400/mt ex-works.


($1= Rs74.56)

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