The daily Davis Index for 4Ani fell by Rs250/mt ($3.42/mt) to Rs34,250/mt ($468.69/mt) ex-Alang, following global cues, coupled with slow demand from rolling mills in Mandi Gobindgarh and Gujarat. Limited trades were reported at the current levels.
The daily Davis Indexes for 0.5kg and 1kg plates declined by Rs200/mt each to Rs30,450/mt and Rs30,350/mt ex-Alang, respectively The demand for finished steel has weakened as the construction and infrastructure sector is experiencing a slowdown.
The daily index for HMS attachments and Melting dropped by 100/mt each to Rs30,300/mt and Rs29,400/mt ex-Alang, respectively, amid limited buying. Shipbreakers noted that market sentiment looks bearish.