The daily Davis Indexes for 4Ani, 6Ani and 8Ani followed global cues and rose by Rs500/mt each ($6.81/mt) to Rs31,800/mt ($443.1/mt), Rs33,000/mt ($449.4/mt) and Rs35,000/mt ($476.7/mt) ex-Alang, respectively. However, limited activity was reported at the these levels amid weak demand from the rolling mills in Mandi Gobindgarh and Gujarat.
The daily Davis Index for 2kg plates rose by Rs750/mt to Rs32,650/mt ex-Alang. Buyers stocked material at current prices in anticipation of construction activities to pick-up after Lohri and Makar Sankranti festivities.
The daily index for HMS attachments and Melting rose by Rs500/mt each to Rs31,400/mt and Rs30,400/mt ex-Alang, respectively, fuelled by rising imported scrap prices as well as supply crunch as very few ships are booked for India. Imported US-origin HMS 1&2 (80:20) has risen by $10 on Monday, compared to Friday.