The daily Davis Index for HMS 1&2 (80:20) and Sponge iron declined by Rs300/mt ($4.065/mt) each to Rs27,500/mt ($372.71/mt) del Mandi Gobindgarh mill and Rs28,800/mt ($390.33/mt) del Mandi mill, respectively, amid subdued demand for scrap as well as finished steel. Mills are waiting for finished steel demand to revive, and therefore opted to stay away from trading and wait until end of January 2021.
In Mumbai, the daily Davis Index for HMS 1&2 (80:90) and Sponge iron settled flat at Rs29,300/mt and Rs28,100/mt del mill. Market sentiments remain weak and buyers await correction in prices.
($1=Rs73.78)