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

Ingot and billet offers were firm on Thursday despite low buying activity in most Indian secondary markets. 


The daily Davis Index for billet in Raipur increased by Rs200/mt ($3/mt) and settled at Rs42,200/mt ($577/mt) ex-works on Thursday. 


Most steel mills in Raipur shared that demand for billet and rebar improved in the second half of Wednesday after a long gap, however, market turned sluggish again on Thursday.


Domestic steel prices in China fell by 8-10pc which propagated negative sentiment in major steel producing countries, including India. 


Offers for pellet sponge iron were heard at Rs30,000-30,300/mt ex-works on Thursday. The daily index for rebar rose by Rs400/mt to Rs46,400/mt ($643/mt) ex-works Raipur following a rise in ingot and billet prices. 


In Mumbai, the index for billet fell by Rs300/mt to Rs44,400/mt ex-works followed by a dip in rebar prices. The index for rebar settled at Rs50,200/mt ex-works, down by Rs300/mt.  


In Mandi Gobindgarh, the daily index for ingot slipped by Rs100/mt Rs45,400/mt ex-works.



Leave a Reply

Your email address will not be published.