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

Ingot and billet prices bounced back as buyers remained active which led to an increase in trades. 


The daily Davis Index for billet in Mumbai was up by Rs300/mt ($4/mt) to Rs44,000/mt ($593/mt) ex-works on Tuesday on healthy demand after a downtrend last week. Billet sales were at Rs43,500/mt in the first half after which mills raised prices.


Secondary mills in Mumbai reduced rebar prices by Rs400/mt in the first half of the day but picked up later as mills increased prices by Rs200/mt. The index for rebar fell by Rs200/mt to Rs49,300/mt ($665/mt) ex-works Mumbai.


In Raipur, the daily index for billet inched up by Rs100/mt to Rs42,300/mt ($570/mt) following an increase in prices in Mandi Gobindgarh and Mumbai. Sellers remained unwilling to reduce offers and some deals were reported at Rs42,200/mt ex-works.


The index for rebar was flat at Rs49,500/mt ex-works Raipur. Similarly, pellet sponge prices were at Rs30,200/mt ex-works Raipur with limited buyers.


In Mandi Gobindgarh, the daily index for ingot was up by Rs300/mt to Rs45,100/mt ex-works in line with an increase in local scrap prices.


In Chennai, the bi-weekly index for billet was down by Rs500/mt at Rs43,000/mt on Tuesday compared to last week following a decline in sponge iron prices. Mills expect a further drop in sponge iron prices with thus buyers remained scarce. 

($1= Rs74.21)

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