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

Ingot and billet prices slipped on Thursday across the Indian secondary market. The daily Davis Index for billet in Raipur fell by Rs600/mt ($8.23/mt) to Rs32,800/mt ($449.6/mt) ex-works amid fall in Pellet Sponge prices. Some billet deals were reported at Rs32,700/mt and trades improved at lower prices. Market participants feel prices have bottomed out.


Pellet Sponge were traded at Rs22,500/mt ($308.64/mt) ex-works, down by Rs500/mt ($6.85/mt) from the previous day while the index for rebar was down by Rs1,000/mt (13.7/mt) to Rs38,000/mt ($521.26/mt) ex-works Raipur, with limited takers. 


In Mumbai, the daily index for billet fell by Rs500/mt to Rs35,000/mt ex-works. Secondary mills continued to hold rebar prices for the fourth straight day despite moderate demand, with the index settling at Rs42,500/mt ex-works. 


In Mandi Gobindgarh, the daily index for ingot was down by Rs400/mt to Rs35,100/mt with a fall in domestic scrap prices.


In Duragpur, the bi-weekly index for billet fell by Rs600/mt to Rs33,900/mt ex-works on Thursday compared to Tuesday, while rebar fell by Rs500/mt to Rs39,500/mt ex-works.


In Chennai, the bi-weekly index for billet dropped by Rs1,000/mt to Rs34,000/mt ex-works on Thursday, while rebar settled unchanged to Rs42,000/mt ex-works with very few buyers.




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