The daily Davis Indexes for 10Ani and 12Ani dropped by Rs600/mt ($8.21/mt) to Rs35,000/mt ($479.03/mt) and Rs35,450/mt ($485.19/mt) ex-Alang, respectively, weighed down by continued demand crunch. Most rolling mills in Mandi Gobindgarh and Gujarat stayed away from purchases at present price levels. The daily index for 14Ani dropped by Rs550/mt to Rs35,550/mt ex-Alang.
The daily Davis Index for 0.5kg and 1kg declined by Rs600/mt each to Rs30,900/mt and Rs30,800/mt ex-Alang,respectively. The activity at infrastructure projects has slowed down, hitting finished steel demand and prices. Mills are waiting for the finished steel market to pick up before booking more raw material.
The daily index for HMS attachments and Melting decreased by 600/mt to Rs30,700/mt and Rs29,700/mt ex-Alang, respectively, with only a few transactions reported.