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

Domestic ferrous scrap prices remained firm in Mumbai and Mandi Gobindgarh on Friday. But demand for finished steel is still low. Scrap suppliers are keeping their offers firm amid a tight supply of material in the domestic market.


The daily Davis Index for HMS 1&2 (80:20) rose by Rs200/mt ($2.73) to Rs35,000/mt del Mumbai mills, and the index for sponge iron settled flat at Rs30,500/mt del mills.


Markets in the North also showed a similar trend, and the index for HMS 1&2 (80:20) rose by Rs100/mt to Rs35,200/mt del Mandi Gobindgarh. While the index for sponge iron declined by Rs100/mt to Rs34,100/mt del mills.


Market participants are on a wait-and-watch mode as offers for imported scrap declined by $5/mt this week. This could also have an impact on the domestic scrap prices until local finished steel demand picks pace.



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