The daily Davis Index for 4Ani declined by Rs650/mt ($8.787/mt) to Rs31,150/mt ($425.25/mt) due to weak demand from the rolling mills in Mandi Gobindgarh and Gujarat. Limited activity was reported at these levels. The daily indexes for 6Ani and 8Ani dropped by Rs500/mt each to Rs32,500/mt ex-Alang and Rs34,500/mt ex-Alang.
The daily Davis Index for 2kg plates fell by Rs900/mt to Rs31,750/mt ex-Alang as construction activities have slowed down and are expected to gain momentum after two back-to-back festivals, Lohri and Makar Sankranti, get over.
The daily index for HMS attachments and Melting dropped by Rs600/mt each to Rs30,800/mt and Rs29,800/mt ex-Alang, respectively, with a few deals reported. The market sentiment is bearish owing to weak demand for finished steel.