After gaining at least Rs1,000/mt in the first two days of the week, HMS 1&2 (80:20) prices cooled off a little on Wednesday. In Mumbai, prices were unchanged and the index for the scrap grade settled flat at Rs23,500/mt ($319.09/mt) del mill.
The index for sponge, however, rose by Rs1,000/mt to Rs21,000/mt del mill. Trading thinned on Wednesday due to Janmashtami holiday in parts of the country. Still, tightened supply and bullish global cues kept prices for scrap from falling.
In Mandi Gobindgarh, the daily index for HMS 1&2 (80:20) rose by Rs100/mt to Rs22,400/mt del mill while the index for sponge iron settled unchanged at Rs22,000/mt del mill. Prices for scrap are expected to remain firm amid a shortage of material.
Shipbreaking yards in Alang stayed shut due to the holiday.