Domestic ferrous scrap prices rose on Wednesday with demand for finished steel rising. The supply of ferrous scrap remained tight due to lowered collection rate amid the ongoing monsoons.
The daily Davis Index for HMS 1&2 (80:20) rose by Rs300/mt($4.03/mt) to Rs35,000/mt del Mumbai mills and the index for sponge iron declined by Rs700/mt to Rs30,600/mt del mills.
Following a similar trend, demand for scrap from ingot makers also improved in the North.
The daily Davis Index for HMS 1&2 (80:20) rose by Rs400/mt to Rs35,600/mt del Mandi Gobindgarh and the index for sponge iron rose by Rs300/mt to Rs34,800/mt del mills.
Market participants expect ferrous scrap prices to remain firm with domestic demand for finished steel on an uptrend.
Shipbreaking scrap prices remained flat on Wednesday as the transporters strike continued for yet another day.