The daily Davis Index for ingot in Mandi Gobindgarh dropped by Rs1,000/mt ($13.5/mt) at Rs35,500/mt ($479.47/mt) ex-works on Monday from Friday, as demand saw a significant dip along with fall in local scrap prices.
The price drop is also attributed to Indian Railway’s decision on Monday to restore train services in Punjab, including freight train, sources informed to Davis Index. Rail logistics in Punjab was disrupted since more than a month by the farmers protesting the new farm laws. The index for rebar also dropped by Rs1,000/mt at Rs40,000/mt ($540.24/mt) ex-works on heavy selling pressure.
In Raipur, the daily Davis Index for billet dropped by Rs700/mt and settled at Rs34,800/mt ex-works amid quiet market. Buyers preferred to wait for market direction. Pellet Sponge offers were at Rs24,700/mt ex-works Raipur, down by Rs400-500/mt. The index for rebar fell by Rs300/mt and settled at Rs37,000/mt ex-works with limited takers.
In Mumbai, the daily index for billet also fell by Rs500/mt to settle at Rs36,500/mt ex-works as supply outpaced demand. The daily index for rebar remained unchanged at Rs 39,900/mt ex-works on limited rebar sales.
($1=Rs74.04)