Indian domestic ferrous scrap prices remained unchanged on Wednesday, as markets stayed closed due to the nationwide COVID-19 lockdown.
The Indian government has issued permissions to restart construction and infrastructure work in areas from April 20 where the threat of COVID-19 is low, raising hope of some business activity for the ferrous sector.
The daily Davis Index for HMS 1&2 (80:20) remained unchanged at Rs20,150/mt ($263.63/mt) del Mandi Gobindgarh. The daily index for sponge iron remained flat at Rs20,000/mt del Mandi Gobindgarh.
With the lockdown in India till May 3, steelmakers will take at least a couple of months, post that, to liquidate finished steel stocks, which suggests the purchase of scrap could likely see a knock-on effect.
In Mumbai, the daily index for HMS 1&2 (80:20) settled flat at Rs22,450/mt del mills and the index for sponge iron remained unchanged Rs17,900/mt del mills.
($1 = Rs76.42)