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

Ingot and billet prices in India continued to remain high due to the increase in sponge and pig iron prices as demand for rebar remained moderate despite a surge in prices. The ongoing monsoon has contracted demand for rebar. 


The daily Davis Index for billet in Raipur was up by Rs100/mt ($1/mt) at Rs42,300/mt ($568/mt) ex-works on Thursday as sellers continued to raise offers on tight supply. Some billet deals reported at Rs42,300/mt, on Wednesday. Ingot and billet prices up by Rs1,500-2,000/mt ($20-27/mt) in the past week in central India.


Billet suppliers were unwilling to reduce offers amid high sponge and pig iron prices. Pig iron prices surged by Rs700-800/mt on July 22 in an auction conducted by SAIL-Bhilai unit where bid was received at Rs37,750-38,000/mt ($507-511/mt) ex-works Bhilai.


Pellet sponge prices declined by Rs100/mt at Rs29,600/mt ($398/mt) ex-works Raipur. The daily index for rebar was flat at Rs45,000/mt ($604/mt) ex-works Raipur due to a limited buying interest.


In Mumbai, the daily index for billet was down by Rs100/mt at Rs43,800/mt due to sluggish demand from re-rolling mills. The index for rebar was flat at Rs48,000/mt ex-works Mumbai. 


In Jalna, the bi-weekly index for billet was up by Rs500/mt at Rs44,000/mt ex-works on Thursday compared to Tuesday. The bi-weekly index for rebar was also up by Rs500/mt to Rs47,500/mt ex-works.


In Mandi Gobindgarh, the daily index for ingot rose by Rs400/mt to Rs45,600/mt ex-works in sync with a rise in domestic scrap prices.

($1= Rs74.46)

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