Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Indian domestic ferrous scrap prices were flat on Monday as the markets remained closed due to the COVID-19 lockdown which is extended till May 17. 


Steel firms in Ludhiana and Mandi are expected to resume operations only after the lockdown ends. The daily Davis Index for HMS 1&2 (80:20) remained unchanged at Rs20,150/mt ($266.22/mt) del Mandi Gobindgarh. The daily index for sponge iron remained flat at Rs20,000/mt del Mandi Gobindgarh. 


A steel manufacturer in Gujarat said the resumption of production will be hit by shortage of labour. Mills also expressed concern that production will be impacted by monsoon as real estate and other construction activities get stalled by rains. If the government speeds up infrastructure spending the demand situation could improve. 


In Mumbai, the daily index for HMS 1&2 (80:20) settled flat at Rs22,450/mt del mills and the index for sponge iron remained unchanged Rs17,900/mt del mills. ($1 = Rs75.68)

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