Domestic ferrous scrap prices remained flat in Mandi Gobindgarh and rose in Mumbai. Sales of finished steel improved in Maharashtra and the supply of scrap remained tight.
The daily Davis Index for HMS 1&2 (80:20) rose by Rs500/mt($6.73/mt) to Rs35,500/mt del Mumbai mills and the index for sponge iron rose by Rs300/mt to Rs31,600/mt del mills.
Ferrous scrap prices could remain firm in the near term amid shortage and an uptick in demand from finished steel makers.
Mills in the North kept a close watch on markets before procuring scrap, the daily Davis Index for HMS 1&2 (80:20) settled flat at Rs36,200/mt to del Mandi Gobindgarh and the index for sponge iron rose by Rs200/mt to Rs35,200/mt del mills.
Shipbreaking scrap prices in Alang remained unchanged as the transporters strike continued, however, shipbreakers will not take loading charges from the transporters which are of Rs100-200/mt and all the expenses would be borne by the buyer.