Domestic ferrous scrap prices in Mumbai and Mandi Gobindgarh markets were unchanged on Wednesday.
The traders’ strike in Mandi continued. In the absence of any trading, the daily Davis Index for HMS 1&2 (80:20) settled unchanged for yet another day at Rs32,550/mt ($448.44/mt) del Mandi Gobindgarh mill; while the index for Sponge iron was at Rs28,600/mt ($394.02/mt) del mill, also unchanged. Market participants have sought help from the ministry to resolve their GST-related issues.
The daily indexes for HMS 1&2 (80:20) and Sponge iron settled flat at Rs29,800/mt and Rs26,200/mt del Mumbai mills, respectively. Demand is expected to remain under pressure until after the Holi festival. The surge in COVID-19 cases in the city has also dampened the sentiment. But a shortage of domestic material kept prices from declining.