Indian domestic ferrous prices continued their downtrend in north India, as buyers adopted a wait-and-see mode until the Chinese market resume.
The daily Davis Index for HMS 1&2 (80:20) fell by Rs100/mt to Rs22,150/mt ($310.32/mt) del Mandi Gobindgarh amid thin trades. The domestic market has not yet shown signs of recovery amidst weak global cues, according to market participants. The daily index for sponge iron rose by Rs275/mt to Rs22,225/mt del Mandi Gobindgarh as demand increased from mills.
The demand for ferrous scrap remained subdued as yards held on to inventories. The daily Davis Index for HMS 1&2 (80:20) fell by Rs50/mt to Rs22,700/mt del Mumbai mills. The daily Index for sponge iron declined by Rs100/mt to Rs20,250/mt del Mumbai.
Traders await infusion of liquidity in markets and an uplift in real estate and infrastructure projects to boost the demand for steel.
($1=Rs71.35)