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

Indian domestic ferrous scrap prices remained flat on Wednesday as markets are closed due to lockdown. The daily Davis Index for HMS 1&2 (80:20) remained unchanged at Rs19,000/mt ($252.11/mt) del Mandi Gobindgarh. The daily index for sponge iron remained flat at Rs18,575/mt del Mandi Gobindgarh. 


Steel mills in many regions across India had resumed operations this week, but a sudden spike of positive COVID-19 cases in industrial areas raised concerns among civic authorities forcing few mills to again halt operations. Mills also expressed concern that production might not pick up soon as infrastructure and construction projects get stalled during monsoon. 


Manufacturers in Mumbai, a COVID-19 hotspot, are unable to restart work. In Mumbai, the daily index for HMS 1&2 (80:20) settled flat at Rs21,275/mt del mills and the index for sponge iron remained unchanged at Rs17,700/mt del mills. 


India’s Prime Minister announced a special economic package of Rs20,000bn on Tuesday, but details regarding the same are still awaited. The package is designed to support domestic industy and increase the country’s self-reliance in many sectors. The scheme is expected to support small to medium iron and steel enterprises tide over the COVID-19 crisis. 


 ($1 = Rs75.36)

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