Indian domestic ferrous scrap prices rose on Tuesday on the back of supply crunch. Still, mills stocked raw material to avoid weather-related transportation issues during monsoon.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) increased by Rs 200/mt ($2.64/mt) to Rs21,600/mt ($285.55/mt) del mills. The daily index for sponge iron declined by Rs50/mt to Rs20,150/mt delivered mills.
In Hyderabad, trades were limited as mills were challenged by liquidity crunch and diminishing demand. The bi-weekly index for HMS 1&2 (80:20) dropped by Rs300/mt to Rs21,800/mt delivered mills and the index for sponge iron rose by Rs300/mt to Rs17,450/mt delivered mills.
The bi-weekly index for HMS 1&2 (80:20) rose by Rs500/mt to Rs23,000/mt del Durgapur mills and the index for sponge iron increased by Rs450/mt to Rs17,500/mt Durgapur del mills.
In Mumbai, trading thinned due to subdued demand. The daily index for HMS 1&2 (80:20) fell by Rs50/mt to Rs21,250/mt delivered mills and the index for sponge iron remained unchanged at Rs16,900/mt delivered mills.
In Goa, the bi-weekly index for HMS 1&2 (80:20) rose by Rs700/mt to Rs 21,200/mt del mills from last Thursday and the index for sponge iron settled unchanged at Rs16,600/mt del mills. A few trades concluded at the index price.
In Indore, the bi-weekly index for HMS 1&2 (80:20) increased by Rs150/mt to Rs22,850/mt del mills and the index for sponge iron rose by Rs300/mt to Rs19,500/mt del mills.
($1= Rs75.64)