Indian domestic ferrous scrap prices remained flat on Tuesday as mills continue to remain shut. The Indian government announced an extension of the nationwide lockdown till May 3, so mills are unlikely to hit full capacity for another three weeks at least.
The daily Davis Index for HMS 1&2 (80:20) del Mandi Gobindgarh mill remained unchanged to Rs20,150 ($264.28/mt). The daily index for sponge iron del Mandi Gobindgarh remained unchanged to Rs20,000/mt.
The mills are struggling to resume production with daily wage labourers and workers migrating back to their villages, despite the government permitting to continue production with 20-25pc personnel working in a single shift to begin with.
The bi-weekly index for HMS 1&2 (80:20) del Chennai mill remained unchanged to Rs21,000/mt and the index for sponge iron del Chennai mill remained flat to Rs18,800/mt.
The bi-weekly index for HMS 1&2 (80:20) in Durgapur (Rs22,475/mt), Raipur (Rs 22,050/mt), Hyderabad (Rs22,450/mt), Goa (Rs21,000/mt), Indore (Rs22,200/mt) and Ahmedabad (Rs23,400/mt) were similarly unchanged on a delivered to mill basis, respectively.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) and sponge iron settled unchanged at Rs22,450/mt and Rs17,900/mt del mills, respectively.
For Jalna, the bi-weekly index for HMS 1&2 (80:20) and sponge iron remained unchanged at Rs21,950/mt and Rs19,750/mt del mill, respectively.
($1= Rs76.23)