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

Billet and rebar prices fell in Raipur but increased in Mumbai on Monday.

The Davis Index for billet in Raipur fell to Rs42,200/mt ($563/mt) ex-works, down by Rs400/mt from Friday. The index for rebar fell by Rs700/mt to Rs47,000/mt ex-works. The Chhattisgarh government has extended the lockdown until April 26 which has dampened the sentiment.

Economic activity in steel downstream segments has come to a standstill. Lack of oxygen has also kept mills from working at usual capacity, which could lead to short supply once the lockdown ends. Offers for pellet sponge at Rs30,000/mt; down by Rs300/mt from Friday.

In Mumbai, the index for rebar rose Rs1,300/mt to Rs51,300/mt ex-works; while billet fell to Rs44,500/mt ex-works, down by Rs200/mt. Steel production in Maharashtra’s steel city Jalna has declined by over 50pc with mills diverting their oxygen supply for medical use. Most end-users in the state have thus turned to Mumbai, albeit only to meet their urgent steel requirement, giving prices a lift.

In Mandi Gobindgarh, the index for ingot fell Rs600/mt to Rs43,700/mt ex-works with a drop in domestic scrap prices.


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