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

Indian domestic ferrous scrap prices dropped on Monday as manufacturers stayed away from purchases due to built up imported scrap inventory. A sluggish demand for finished steel also pressured prices. 


In Mandi-Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) fell by Rs1,150/mt ($15.17/mt) to Rs19,000/mt ($250.82/mt) del mill. The daily index for sponge iron dropped by Rs1,425/mt to Rs18,575/mt del mill. 


In Mumbai, no trades were reported, while the offers were at Rs 21,300-21,400/mt. The daily index for HMS 1&2 (80:20) dropped by Rs1,175/mt ($15.50/mt) to Rs21,275/mt ($280.74/mt) del mills and the index for sponge iron remained unchanged at Rs17,700/mt del mills.


To tide over the COVID-19 crisis Maharashtra government has permitted industrial units to operate on 12-hour shift basis with double the wages due to shortage of labour. 


 ($1 = Rs75.75)

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