Indian domestic ferrous scrap prices were mixed on Friday. Trading thinned ahead of Indian festival of Holi. Supply of ferrous scrap in the domestic market remained scarce.
The daily Davis Index for HMS 1&2 (80:20) declined by Rs50/mt to Rs23,150/mt ($313.19/mt) del Mumbai mills and the index for sponge iron settled unchanged at Rs19,300/mt del Mumbai mills.
In the North, the daily Davis Index for HMS 1&2 (80:20) rose by Rs125/mt to Rs21,725/mt del Mandi Gobindgarh and the daily index for sponge iron settled at Rs100/mt to Rs21,250/mt del Mandi Gobindgarh.
Trades of imported of ferrous scrap too were thin despite prices falling by $7-10/mt from a week ago. Traders are unwilling to increase bookings as Indian rupee depreciated against the US dollar. The Davis Index for shredded scrap cfr Nhava Sheva settled at $305/mt Friday, fell by $7/mt from a week ago.
Traders expect ferrous scrap prices prices are likely remain under pressure until demand for finished steel picks up.
($1= Rs73.8)