Ferrous scrap prices in the domestic market rose Tuesday as steelmakers began to restock scrap inventory. Tight supply in some markets also supported higher offers.
The daily Davis Index for HMS 1&2 (80:20) increased by Rs1,000/mt ($13.68/mt) to Rs35,700/mt del Mandi mills and the index for sponge iron settled Rs300/mt higher at Rs34,400/mt del mills. The daily index for ingots rose by Rs600/mt to Rs45,200 ex-works Mandi producer.
In Mumbai, a heavy rain alert for some parts of the city and neighboring regions dampened sentiments. The daily Davis Index for HMS 1&2 (80:20) declined by Rs400/mt to Rs34,200/mt del Mumbai mills and the index for sponge iron settled flat at Rs30,300/mt del mills. Most buyers in the region limited purchases to immediate melt requirements hoping for a dip in ferrous scrap prices in the coming days.