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

The daily Davis Index for rebar in Mumbai Friday remained unchanged at Rs34,300/mt ($452.08/mt) ex-works with limited trading in the finished steel market. Trading activities have reduced to 20-25pc of pre-pandemic level across Mumbai region as construction companies are purchasing material in minimal quantities due to liquidity crunch, said traders.


Most primary mills have rolled over rebar prices for June deliveries at around Rs38,000-38,500/mt ex-works Mumbai. Steel mills in Mumbai are operating at around 40-50pc capacity in-line with demand still their inventories are high as buying has slowed. The index for billet fell by Rs250/mt to Rs29,050/mt ex-works Mumbai due to sales pressure. Few deals for billets were heard at Rs29,000/mt ex-works Mumbai for the domestic market.


In Raipur, the daily Davis Index for rebar remained flat at Rs34,200/mt ex-works Raipur. Steel mills held offers at Rs34,200/mt but no booking was heard at higher prices. Mills are still dispatching pending orders and traders expect a correction in the near term amid diminished demand.


The daily index for billet fell by Rs50/mt and settled at Rs28,950/mt ex-works Raipur. Pellet sponge iron prices were at around Rs15,700-15,800/mt ex-works Raipur on Friday, down by Rs100-200/mt.


In Mandi Gobindgarh, the daily index for ingot was down by Rs150/mt at Rs31,350/mt ex-works due to similar movement in ferrous scrap prices amid slow demand of steel across Punjab.

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