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

Ingot and billet prices largely remained flat on Tuesday in India. The daily Davis Index for billet in Raipur settled unchanged at Rs38,500/mt ($525/mt) ex-works as suppliers continued to hold offers on account of higher Sponge iron prices, though demand is sparse at these price levels. Most of the re-rolling mills have booked ingot and billet at lower prices and have sufficient stock for at least a week. However, prices are unlikely to come down in the near term.


Pellet Sponge offers rose to Rs27,400/mt (379/mt) ex-works with no takers. The index for rebar remained flat at Rs42,700/mt ($591/mt) ex-works Raipur on moderate demand since last two days.


In Mumbai, the daily index for billet increased by Rs500/mt to Rs42,600/mt ex-works following an increase in rebar prices. The index for rebar increased by Rs300/mt to Rs46,600/mt ex-works. In Jalna, the bi-weekly index for billet rose by Rs1,500/mt to Rs41,500/mt ex-works from last Thursday due to surge in local scrap prices, while rebar increased Rs1,000/mt to Rs47,000/mt ex-works.


In Mandi Gobindgarh, the daily index for ingot remained unchanged at Rs40,400/mt ex-works. In Ludhiana, the bi-weekly index for ingot was up by Rs1,000/mt to Rs40,500/mt ex-works on Tuesday compared to last Thursday.


In Kutch, the bi-weekly index for billet increased by Rs1,300/mt at Rs41,000/mt ex-works. The index for rebar increased by Rs 1,300/mt to Rs46,600/mt ex-works



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