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

Ingot and billet prices increased with improved trading on Monday. The daily Davis Index for billet in Raipur increased by Rs200/mt ($2.74/mt) to Rs33,200/mt ($45.54/mt) ex-works on Monday from Friday with many deals reported at the index prices.


Meanwhile, the National Mineral Development Corporation (NMDC) has reduced iron ore prices by Rs600/mt in lump and fines on the back of softening international iron ore prices, with the benchmark of 62pc close to $156-157/mt cfr China. The new prices will be effective from February 7. The company has cut iron ore prices after a gap of eight months.


Market participants said that the recent correction of iron ore prices in domestic market will not impact Sponge prices which got corrected by around Rs3,500/mt in last one month.


Pellet Sponge prices was firm at Rs23,000/mt ($315/mt) ex-works, slightly up by Rs100-200/mt from the previous day. The index for rebar settled at Rs38,000/mt ($521.26/mt) ex-works Raipur, with good demand at lower prices.


In Mumbai, the daily index for billet rose marginally by Rs100/mt to Rs35,800/mt ex-works as rebar prices remained steady since last week. The index for rebar settled at Rs42,500/mt ($582.99/mt) ex-works Mumbai.


In Mandi Gobindgarh, the daily index for ingot was up by Rs400/mt to Rs35,900/mt amid a rise in domestic scrap prices.



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