Indian domestic ferrous scrap prices dropped on Wednesday with finished steel prices under pressure. Mills are operating at reduced capacity amid shortage of labour.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) declined by Rs 350/mt ($4.63/mt) to Rs21,250/mt ($281.29/mt) del mills. The daily index for sponge iron remained unchanged at Rs20,150/mt del mills.
In Mumbai, the daily index for HMS 1&2 (80:20) fell by Rs100/mt to Rs21,150/mt del mills on weak demand. The index for sponge iron remained unchanged at Rs16,900/mt del mills.
Market participants are adopting a wait-and-watch approach until mills resume usual levels of production.
($1= Rs 75.55)