Domestic ferrous scrap prices declined in Chennai and Jalna and remained flat in Mumbai and Mandi Gobindgarh, due to shortage of scrap and low demand.
The daily Davis Index for HMS 1&2 (80:20) settled flat at Rs36,000/mt ($483.84) del Mumbai mills as supply remained tight, the index for sponge iron declined by 200/mt to 31,700/mt as iron ore prices declined globally and demand remained low from secondary steel makers.
The daily Davis Index for HMS 1&2 also remained flat at Rs36,400/mt del Mandi Gobindgarh and the index for sponge iron declined by Rs100/mt to Rs36,000/mt del mills.
Mills continued to buy on a need basis to clear TMT inventories, as a result, the bi-weekly Davis Index for HMS 1&2 declined by Rs300/mt to Rs33,200/mt del Chennai mills and the index for sponge iron declined by Rs200/mt to Rs31,000/mt del mills.
Similarly, the bi-weekly Davis Index for HMS 1&2 declined by Rs400/mt to Rs35,300/mt del Jalna mills and the index for sponge declined by Rs300/mt to Rs34,300/mt del mills.
The bi-weekly Davis Index for HMS 1&2 was flat at Rs35,500/mt del Raipur mills and the index for sponge was at Rs31,300/mt del mills.
($1=Rs74.41)