Indian domestic ferrous scrap prices remained under pressure Friday amid sluggish demand from steel mills. The daily Davis index for HMS 1&2 (80:20) fell by Rs400/mt ($5.46/mt) to Rs23,400/mt del Mumbai mills. The daily Davis Index for Sponge iron settled flat Rs19,400/mt del Mumbai mills.
Global markets were weak, impacting the import rates for HMS. The index for HMS 1&2(80:20) declined by $4/mt cfr India port amid low demand from the domestic market.
Mills in the North refrained from buying raw materials as demand from end users is still low. The daily Davis Index for HMS 1&2 (80:20) settled flat at Rs22,300/mt del Mandi Gobindgarh. Few trades were heard at the index price. The daily Davis index for Sponge iron settled unchanged at Rs19,400/mt del Mandi Gobindgarh on low demand from the mills.
Scrap prices are expected to remain under pressure as per traders. While mills are awaiting the end-user demand to pick up.
($1=Rs73.12)