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

The Indian domestic ferrous scrap market on Tuesday continued to gain in most Indian regions. Market sentiment remained positive supported by a price rise in semi-finished and finished steel. 


The bi-weekly Davis Index for HMS 1&2 (80:20) was at Rs25,000/mt ($341.02/mt) del Indore mill, up by Rs300/mt ($4.09/mt) from last Friday. The index for Sponge iron rose by Rs300/mt to Rs22,300/mt del mill.


In Raipur, the bi-weekly Davis Index for HMS 1&2 (80:20) was at Rs25,200/mt del mill, up by Rs50/mt from Friday last week. The index for Sponge iron rose by Rs200/mt to Rs19,500/mt del mill.


With India going into an unlock phase, demand for steel is on the recovery path. Many automakers are expected to ramp-up production ahead of Navaratri and Diwali festivals in late October and November. Thus, the market for ferrous scrap is unlikely to register a steep decline. 


The daily indexes for HMS 1&2 (80:20) increased by Rs200/mt to Rs23,800/mt del Mumbai mill and Rs22,700/mt del Mandi Gobindgarh mill. The index for Sponge iron settled unchanged at Rs20,200/mt del Mumbai mill and up by Rs100/mt to Rs22,100/mt del Mandi Gobindgarh mill. Prices, however, did not surge as much considering the improved availability in the market. 


In South India, the bi-weekly index for HMS 1&2 (80:20) declined by Rs300/mt to Rs22,700/mt del Chennai mill and the index for Sponge iron rose by Rs350/mt to Rs18,850/mt del mill.


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