Domestic ferrous scrap prices were mixed on Tuesday. In North India, the farmers’ stir has intensified. The Mandi Gobindgarh market in India remained shut in solidarity with protesters and the daily Davis Index for HMS 1&2 (80:20) and Sponge iron settled flat at Rs26,500/mt ($360.13/mt) and Rs27,950/mt ($379.84/mt) del mill.
In Ludhiana, the bi-weekly index for HMS 1&2 (80:20) rose by Rs500/mt from Thursday to Rs27,950/mt delivered mill, but the index for Sponge iron declined by Rs250/mt to Rs28,200/mt del mill. There was no activity in the market.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) declined by Rs200/mt to Rs27,000/mt del Mumbai mill. A few trades concluded at the index price. The index for Sponge iron, however, increased by Rs100/mt to Rs26,800/mt del mill due to the ongoing iron ore paucity.
In South India, the bi-weekly index for HMS 1&2 (80:20) rose by Rs300/mt to Rs27,550/mt del Chennai mill driven by a shortage for scrap along with strong global cues. A few transactions were reported at the index price. The index for Sponge iron settled flat at Rs26,350/mt del Chennai mills with buyers shying away from purchasing at these levels.
($1=Rs73.58)