Indian domestic ferrous scrap fell on Wednesday amid thin trades. In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) dropped by Rs 100/mt ($1.32/mt) to Rs20,900/mt ($277.05/mt) del mills. The daily index for sponge iron remained unchanged at Rs20,400/mt del mills.
Steel mills in Mumbai are gradually resuming production, however, scrap prices in Mumbai dropped on subdued demand. The daily index for HMS 1&2 (80:20) fell by Rs225/mt to Rs20,775/mt del mills. Traders shied away from closing deals as they expected prices to go up once the pandemic situation stabilises. The index for sponge iron dropped by Rs750/mt to Rs17,100/mt del mills as sponge manufacturers opted to clear inventories at low price.
Many scrap market in the western region remained closed ahead of landfall of cyclone Nisarga.
Shipbreaking
Operations at shipbreaking yards in Alang remained suspended on Wednesday amid the cyclone alert. The daily Index for 4Ani remained unchanged at Rs24,500/mt and 8Ani at Rs25,500/mt. The price for 0.5kg plate and melting was at Rs23,050/mt and Rs21,950/mt, respectively, ex-Alang.
($1= Rs75.43)