The daily Davis Index for 4Ani fell by Rs500/mt ($6.86/mt) to Rs29,500/mt ($404.49/mt) ex-Alang on on Friday. Prices declined amid a bearish market sentiment on weak finished steel demand.
The daily Davis Indexes for 0.5kg and 1kg plates decreased by Rs750/mt each to Rs28,250/mt and Rs28,150/mt ex-Alang, respectively, amid limited activity. The stand -off between builders and steelmakers over prices yet to be resolved which has resulted into stalled infrastructure projects. Pace at real estate projects also remains slow impacting demand for steel.
The daily index for HMS attachments and Melting declined by Rs750/mt each to Rs28,050/mt and Rs27,050/mt ex-Alang, respectively. Domestic ferrous scrap prices in Mumbai and Mandi Gobindgarh also declined by a similar amount.