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

Domestic ferrous scrap prices trended up on Friday as demand from steelmakers improved. Mills bagged good export orders. Domestic demand is also slowly picking-up as many states have started easing lockdowns. 

 

The daily Davis Index for HMS 1&2 (80:20) rose by Rs500/mt ($6.84/mt) to Rs38,400/mt del Mandi Gobindgarh mills and the index for sponge iron rose by Rs400/mt to Rs34400/mt del mills. 

 

Mumbai is witnessing heavy rain which has stopped movements of trucks and created shortage of raw material. The daily Davis Index for HMS 1&2(80:20) rose by Rs200/mt to Rs34200/mt del Mumbai mills and the index for Sponge iron rose by Rs600/mt to Rs31300/mt del mills. 

 

Offers from the seaborne markets also saw an uptick as domestic mills are short of raw material inventories. The index for HMS 1&2 (80:20) of UAE-origin rose by $7/mt to $490/mt cfr Nhava Sheva. 

Market participants are expecting ferrous prices to rise further in the near-term amid shortage and increasing export orders for billets. 

 

($1=Rs73)

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