Indian domestic ferrous scrap prices remained unchanged on Friday as the lockdown continues till April 14. The daily Davis Index for HMS 1&2 (80:20) Rs20,150/mt ($267.8/mt) del Mandi Gobindgarh. The daily index for sponge iron remained unchanged at Rs20,000/mt del Mandi Gobindgarh.
The Reserve Bank of India (RBI) has announced a 75 basis points cut in its repo rate to 4.4pc from the previous 5.15pc to cushion further blow to country’s economy due to the COVID-19 outbreak. This move is likely to generate cash flow in the market by helping the private sector borrow funds at lower interest rates. The RBI has allowed banks to offer a three-month moratorium on all loans outstanding from March 1 to May 31, 2020
In Mumbai, mills continue to remain shut. The daily index for HMS 1&2 (80:20) settled flat at Rs22,450/mt del mills and the index for sponge iron remained unchanged at Rs17,900/mt del mills.