The bi-weekly Davis Index for HMS 1&2 (80:20) rose by Rs875/mt ($12.02/mt) to Rs30,250/mt ($415.64/mt) del Chennai mill amid material shortage. Strong global cues also drove prices up as the mills in Chennai import fair bit of scrap. The price for HMS 1&2 (80:20) cfr Turkey rose by $7/mt on Wednesday to $464.5/mt, compared to Tuesday. The index for Sponge iron fell by Rs350/mt to Rs27,150/mt del Chennai mill.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) declined by Rs400/mt to Rs31,600/mt del mill amid weak demand for finished steel. Mills stayed away from imported scrap purchases due to cash crunch. Some mills are also offering discounts to clear off inventory and boost sales. The index for Sponge iron settled flat at Rs27,800/mt del Mandi mill. Sponge manufacturers were unwilling to reduce offers amid rising iron ore prices globally.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) remained unchanged at Rs29,850/mt del mill amid steady demand for finished steel. The index for Sponge iron fell by Rs300/mt to Rs27,300/mt amid slow demand.
The bi-weekly index for busheling fell by Rs550/mt from Tuesday to Rs33,850/mt del Ludhiana mill, the index for HMS 1&2 (80:20) fell by Rs500/mt to Rs30,250/mt del mill; while the index for Sponge iron fell by Rs400/mt to Rs30,600/mt del mill. Although prices softened on Thursday, traders believe prices will start gaining again in the coming week.
The bi-weekly index for HMS 1&2 (80:20) fell by Rs300/mt to Rs30,500/mt del Jaipur mill, while the index for Sponge iron fell by Rs400/mt to Rs29,500/mt del mill. In Hyderabad, the index for HMS fell by Rs400/mt to Rs28,300/mt del mill while the index for Sponge iron fell by Rs350/mt to Rs27,100/mt del mill.
($1=Rs72.77)