The daily Davis Index for 8Ani rose by Rs700/mt ($9.51/mt) to Rs33,150/mt ($450.38/mt) ex-Alang and the index for 14Ani increased by Rs750/mt ($10.18/mt) to Rs34,450/mt ($468.04/mt) ex-Alang amid sluggish demand from rolling mills in Mandi Gobindgarh and Gujarat. Sources told Davis Index that the rise in prices is also driven by global cues.
Among other rolling scrap grades, the daily Davis Indexes for 0.5kg and 1kg plates registered an uptick of Rs650/mt each to Rs31,000/mt ex-Alang and Rs30,900/mt ex-Alang, respectively. Limited trades were reported on the index price as the construction and infrastructure activities have slowed down due to harsh winter in the North.
The daily Davis Index for HMS attachments and Melting increased by Rs500/mt each to Rs30,800/mt ex-Alang and Rs29,800/mt ex-Alang, respectively, with a few deals concluding at the index price. The mills await recovery in finished steel demand and prices to correct by January-end.