The daily Davis Indexes for 8Ani and 10Ani fell by Rs500/mt ($6.838/mt) each to Rs35,500/mt ($485.5/mt) ex-Alang and Rs36,000/mt ($492.34/mt) ex-Alang, respectively amid limited buying from rolling mills, especially in Mandi Gobindgarh due to heavy rains and cold weather.
The daily Davis Index for 12Ani declined by Rs600/mt to Rs36,400/mt ex-Alang with a few deals concluding at the index price.
The daily Davis Index for 2kg plates declined by Rs500/mt to Rs33,200/mt and the index for 5kg plates dropped by Rs550/mt to Rs34,200 ex-Alang with limited deals reported at the index price.
Indian recyclers have adopted wait-and-watch approach and are cautious about offers as bids from Pakistan and Bangladesh are on a rise. Consequently, vessels have been diverted towards these regions instead of India. However, the demand from mills has declined as mills remain wary of buying at high prices and are uncertain of demand for finished steel.
The daily index for HMS attachments and Melting dropped by Rs450/mt each to Rs32,000/mt and Rs31,000/mt ex-Alang, respectively. Limited transactions were reported.
($1=Rs73.11)