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

Indian domestic ferrous scrap prices continued to fall on weak demand for finished steel.


In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) declined by Rs400/mt ($5.25/ mt) to Rs20,600/mt ($270.82/mt) del mills. Transactions were heard at the index price. The daily index for sponge iron dropped by Rs350/mt to Rs19,600/mt del mills.

Manufacturers struggled to ramp up operations due to a labour shortage. Workers, on the other hand,  mulled their return to larger cities as COVID-19 cases in these areas continued to rise.


In Mumbai, the daily index for HMS 1&2 (80:20) dropped by Rs300/mt to Rs20,750/mt del mills and the index for sponge iron declined by Rs300/mt to Rs16,600/mt del mills. A few deals were heard at the index price.


Market participants feel prompt resumption of stalled construction and infrastructure projects could boost steel demand in the near term.

($1= Rs 76.06)

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