Indian domestic ferrous scrap prices were flat in many markets on Monday.
The index for HMS 1&2 (80:20) in Jalna, Delhi, Jaipur and Indore settled unchanged at Rs23,000/mt , Rs23,200/mt, Rs22,800/mt and Rs23,400/mt, respectively, as markets were silent.
In the North, the daily Davis Index for HMS 1&2 rose by Rs138/mt($1.86/mt) to Rs21,863 ($295.16/mt) del Mandi Gobindgarh, driven by a shortage of domestic ferrous scrap. Transportation was affected as daily labourers went on a holiday ahead of the Indian festival of Holi.
The daily index for sponge iron increased by Rs142/mt to Rs21,292/mt del Mandi Gobindgarh.
Buyers adopted a wait-and-see approach before purchasing imported scrap since Indian rupee depreciated against the US dollar. They have approached the Indian government seeking a reduction in import duties as they continued to face a shortage of domestic ferrous scrap.
In southern India, the bi-weekly index for HMS 1&2 (80:20) rose by Rs100 to Rs21,900/mt del Chennai and the index for sponge iron rose by Rs75/mt to Rs19500/mt del Chennai.
The daily Davis Index for HMS 1&2 (80:20) declined by Rs150/mt to Rs23,000/mt del Mumbai mills and the index for sponge iron settled unchanged at Rs19,300/mt del Mumbai.
($1= Rs74)