Domestic availability of scrap remained scarce as major cities witnessed heavy rainfall due to monsoon, affecting transport. This led to an increase in offers from the suppliers.
The daily Davis Index for HMS 1&2 (80:20) rose by Rs200/mt($2.66/mt) to Rs33,200/mt del Mumbai mills and the index for sponge iron rose by Rs200/mt to Rs30,800/mt del mills.
Markets in the north saw demand from the ingot makers which increased scrap prices up. The daily Davis Index for HMS 1&2 (80:20) rose by Rs800/mt to Rs34,100/mt del Mandi Gobindgarh and the index for sponge iron rose by Rs300/mt to Rs32,500/mt del mills.
Ferrous scrap prices are expected to remain firm till supply improves.