The daily Davis Index for UAE-origin HMS 1&2 (80:20), Friday, declined to $473/mt cfr Nhava Sheva, down $3/mt. From the last week, the index dropped by $20/mt as rebar demand remained subdued through the week. Offers for HMS #1 from Dubai above $486/mt cfr Nhava Sheva.
Most steelmakers believed that domestic finished steel prices have neared their bottom after dropping successively this week. Rebar demand in Raipur was weak through the week but improved on Friday.
National capital Delhi is working towards easing restriction from May 31 as the COVID-19 cases load has steadily lowered in the region. The government is planning to allow construction and industrial activities to resume from June.
The Davis Index for containerized shredded, Friday, settled at $507.75/mt cfr Nhava Sheva, down $2.11/mt from a day ago. From the prior Friday, the index for containerized shredded dropped by $6.64/mt.
The index for US-origin HMS 1&2 (80:20), Friday, settled at $474/mt cfr Nhava Sheva, down $2/mt as bids dropped. Offers for busheling in containers at $545/mt cfr Nhava Sheva. The indexes for P&S and #1 busheling at $521/mt and $543/mt cfr Nhava Sheva, respectively.
The daily Davis Index for containerized shredded, Friday, settled at $511.31/mt cfr Indian subcontinent, down by $0.08/mt; while that for containerized US-origin HMS 1&2 (80:20) settled at $488.22/mt cfr Indian subcontinent, down $1.64/mt on Friday.