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

Ingot and billet prices in India maintained their uptrend with limited trades. The daily Davis Index for billet in Raipur settled unchanged at Rs42,500/mt ($576/mt) ex-works on Tuesday. Few billet deals heard at Rs42,300/mt ($573/mt) on Monday but Tuesday the market cooled down. Most secondary steel units in Chhattisgarh are operating at 60-65pc capacity due to limited work force and lack of oxygen supply to industries. 


Offers for pellet sponge iron and rebar remain unchanged at Rs29,500/mt ($400/mt) and Rs47,000/mt ($637/mt) ex-works Raipur, respectively, with limited takers.


In Mumbai, the index for billet increased by Rs1,000/mt to Rs45,500/mt ex-works with a surge in local scrap prices amid tight supply. The index for rebar was up by Rs100/mt at Rs50,000/mt ex-works. 


In Mandi Gobindgarh, the daily index for ingot rose Rs100/mt to Rs45,700/mt ex-works. Trades of semis and finished products have dropped by 50pc due to the impact of the second wave of COVID-19, traders said. 


In Durgapur, the bi-weekly index for billet surge by Rs1,700/mt to Rs44,000/mt following rise in rebar prices. The index for rebar, Tuesday, rose by Rs2,000/mt to Rs49,000/mt compared to last Thursday.



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