The daily Davis Index for HMS 1&2 (80:20) fell by Rs200/mt ($2.76/mt) to Rs31,100/mt ($429.54/mt) del Mandi Gobindgarh mill on weak demand. The offers for Sponge iron rose by Rs850/mt to Rs27,600/mt del mill amid global cues and steady demand. The spot price of imported iron ore rose by $5.58/mt to $174.58/mt cfr China from Feb 18, which gave Sponge iron price a lift.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) settled flat at Rs28,500/mt del mill amid steady demand coupled with domestic scarcity for scrap. Mills in scrap-dominated regions are unwilling to reduce offers amid strong global cues. They expect a further rise in prices in the near term. The index for Sponge iron dropped marginally by Rs59/mt to Rs26,350/mt del Mumbai mill.