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

Rebar prices slipped on Tuesday in major markets of India as demand slowed down. The Davis Index for rebar in Mumbai decreased by Rs600/mt ($8/mt) to Rs46,000/mt ($631/mt) ex-works on Tuesday due to extremely sluggish demand from end-users. Mills are expecting a futher downwards price correction for rebar amid if demand remains weak. However, billet remained unchanged with its index at Rs40,000/mt ($549/mt) ex-works Mumbai as sellers were unwilling to reduce asking rates.


In Raipur, the index for billet remained unchanged to Rs37,700/mt ex-works as limited deals were reported in the second half of the day. The index for rebar dropped by Rs500/mt to Rs41,500/mt ex-works Raipur due to moderate demand. Pellet Sponge offers were at Rs27,000/mt ex-works Raipur but with no takers.


In Mandi Gobindgarh, the index for ingot remained unchanged at Rs39,300/mt ex-works. In Ludhiana, the bi-weekly index for ingot fell by Rs900/mt to Rs38,800/mt ex-works on Tuesday from last Thursday.


In Chennai, the bi-weekly index for billet and rebar dipped by Rs500/mt each to Rs41,000/mt and Rs46,000/mt ex-works, respectively, compared to last Thursday. A few steel mills operators said that due to upcoming state assembly election in Tamil Nadu, buying activities will slow down from March 15. 


In Durgapur, the bi-weekly index for billet decreased by Rs700/mt to Rs37,500/mt ex-works. The index for rebar decreased by Rs 500/mt to Rs42,500/mt ex-works.



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