Ferrous scrap prices in the Indian domestic market continued to gain on Wednesday. Demand from mills is rising gradually amid expectations of a strong October market and supporting prices. Supply of ferrous scrap remains limited in the Indian market, thus mills also raised inquiries for imported scrap.
The daily Davis Index for HMS 1&2 (80:20) rose by Rs100/mt ($1.36/mt) to Rs22,400/mt ($305.46/mt) del Mandi Gobindgarh mill and by Rs200/mt to Rs22,800/mt del Mumbai mill.
Prices for sponge iron also strengthened in the Indian markets. With miners focusing on iron ore exports, prices in the domestic markets could increase in the coming days. Amid an expected rise in the input cost, the index for sponge iron increased by Rs100/mt to Rs21,550/mt del Mandi mill and Rs19,700/mt del Mumbai mill.
($1=Rs73.33)