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

Ingot and billet prices plunged on Friday due to lack of demand in most Indian secondary markets. 


The daily Davis Index for billet in Raipur fell by Rs1,100/mt ($15/mt) and settled at Rs41,100/mt ($565/mt) ex-works on Friday as buyers stayed away amid expectations of a bearish market in the near-term. 


Market participants believe that domestic steel demand will remain subdued this month due to the lockdown and weather conditions, and expect pent-up demand in June, before the rainy season reaches its peak.


A state-owned mill recently sold 60,000mt (4Sp grade) billet at $660-680/mt fob India. 


Offers for pellet sponge iron dropped by Rs1,000/mt to Rs29,000/mt ex-works on Friday. The daily index for rebar fell by Rs400/mt to Rs46,000/mt ($643/mt) ex-works Raipur following a drop in ingot and billet prices. 


In Mumbai, the index for billet fell by Rs400/mt to Rs44,000/mt ex-works followed by a dip in rebar prices. The index for rebar settled at Rs49,700/mt ex-works, down by Rs500/mt.  


In Mandi Gobindgarh, the daily index for ingot slipped by Rs1,400/mt to Rs44,000/mt ex-works.


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