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

The Davis Index for rebar Friday rose by Rs250/mt (3.3/mt) to settle at Rs35,350/mt (467.59/mt) ex-works Raipur on increase in prices of ingots and billets along with a continued shortage of billet in Central India. Rebar mills raised offers by Rs200/mt but there were no takers at higher prices. 


Secondary mills faced sluggish demand for finished steel including rebar as construction activities remained slow during the week.


The index for billet rose by Rs200/mt and settled at Rs29,200/mt ex-works Raipur, this was on account of Rs100-200/mt increase in pellet sponge iron prices. Pellet sponge iron prices were at around Rs16,200-16,300/mt ex-works Raipur on Friday.


In Mumbai, the daily Davis Index for rebar remained unchanged at Rs34,300/mt ex-works with limited trades. However, the daily index for billet dropped by Rs200/mt at Rs29,400/mt ex-works Mumbai on account of low sales in the local market.


In Mandi Gobindgarh, the daily index for ingot rose by Rs200/mt to Rs31,650/mt ex-works, on a similar increase in ferrous scrap prices. 


($1= Rs75.62)

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