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

Ingot and billet prices remained under pressure in Raipur but inched up in Mumbai and Jalna.


The daily Davis Index for billet in Raipur fell by Rs200/mt ($3/mt) to Rs40,400/mt ($540/mt) ex-works on Thursday in a quiet market due to limited buying interest.


Secondary mills in central India faced a margin squeeze and difficulties in running plants due to high input costs. A rebar mill in Raipur stated, the price of coal, used for reheating purposes in rolling mills, has increased from Rs6,500/mt ($87/mt) to 10,500/mt ($140/mt) delivered mill in the last two months.


Pellet sponge prices were around Rs28,800/mt ($385/mt) ex-works Raipur. The daily index for rebar has dropped by Rs200/mt to Rs43,100/mt ($576/mt) ex-works Raipur amid limited buying.


In Mumbai, the daily index for billet was up by Rs100/mt to Rs41,500/mt following a rise in rebar prices. The index for rebar was up by Rs200/mt to Rs46,200/mt as demand improved.


In Jalna, the bi-weekly index for billet was up by Rs500/mt to Rs41,500/mt ex-works on Thursday from Tuesday. The bi-weekly index for rebar was up by Rs300/mt to Rs46,000/mt ex-works on healthy sales.


In Mandi Gobindgarh, the daily index for ingot settled flat at Rs43,100/mt ex-works in a silent market. The Punjab government has announced power cuts for heavy industries, including steel, until July 11.


In Chennai, the bi-weekly index for billet fell by Rs1,000/mt to Rs42,000/mt, and the index for rebar decreased by Rs500/mt to Rs47,000/mt on Thursday from Tuesday.


($1= Rs74.83)

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