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

Ingot and billet prices continued its upsurge on Tuesday due to the pressure of high input cost. The daily Davis Index for billet in Raipur increased by Rs350/mt ($5/mt) to Rs41,800/mt ($569/mt) ex-works as Sponge and Pig iron prices remained high. A few billet deals were reported at index price. 


Pellet Sponge offers reached an all-time high of 30,200/mt ($411/mt) ex-works Raipur, though no trades were reported at such high prices. The daily index for rebar remained unchanged at Rs45,000/mt ($613/mt) ex-works Raipur despite sluggish demand.


In Mumbai, the index for billet decreased by Rs600/mt to Rs42,400/mt as supply exceeded demand. The index for rebar remained unchanged at Rs47,900/mt ex -works.


In Mandi Gobindgarh, the index for ingot surged by Rs1,000/mt to Rs43,800/mt, in line with rise in local scrap prices.


In Chennai, the bi-weekly index for billet rose by Rs500/mt to Rs44,000/mt following a rise in rebar prices. The index for rebar was up by Rs1,000/mt to Rs49,000/mt ex-works on Tuesday compared to last Thursday. Steel mills’ operators said markets in Tamil Nadu were closed due as state assembly elections were held on Tuesday.


State-owned steelmaker Steel Authority of India Limited (Sail) increased HRC prices by Rs4,500/mt ($61/mt), and rebar prices by Rs2,500- 3,000/mt ($34-41/mt) for April deliveries.



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