Indian domestic ferrous scrap prices continued to remain flat. Despite the government allowing construction to resume in non-COVID-19 hotspots, trades are yet to pick up.
The daily Davis Index for HMS 1&2 (80:20) remained unchanged at Rs20,150/mt ($264.67/mt) del Mandi Gobindgarh. The daily index for sponge iron remained unchanged at Rs20,000/mt del Mandi Gobindgarh.
All melting activity through induction furnaces is on halt.
As a relief measure, the Indian shipping ministry has waived of penal charges, demurrage, detention, dwell time and other charges to be born by importers for an additional 30 days for the recovery period after the lockdown ends.
Shipbreaking yards in Alang Gujrat have now resumed work after a month of complete shutdown.
The bi-weekly index for HMS 1&2 (80:20) remained unchanged at Rs21,000/mt del Chennai and the index for sponge iron remained flat at Rs18,800/mt del Chennai.
In Durgapur, Raipur, Hyderabad, Goa, Indore, Jalna and Ahmedabad the bi-weekly indexes for HMS 1&2 (80:20) remained unchanged at Rs22,475/mt, Rs 22,050/mt, Rs22,450/mt, Rs21,000/mt, Rs22,200/mt, Rs21,950/mt and Rs23,400/mt, respectively.
The daily Davis Index for HMS 1&2 (80:20) and sponge iron settled unchanged at Rs22,450/mt and Rs17,900/mt del Mumbai mills, respectively.
($1= Rs76.13)