The daily Davis Index for HMS 1&2 (80:20) declined by Rs400/mt ($5.33/mt) to Rs24,300/mt ($327.74/mt) del Mandi Gobindgarh amid sluggish demand ahead of Diwali festival. Limited trades were reported.
Mills are cutting down production due to labour and transport shortage during the festive period, coupled with low demand. The index for Sponge iron declined by Rs200/mt to Rs25,200/mt with deals concluding at the index price. Manufacturers expect the prices to decline further this week which could continue into the following week.
The daily Davis Index for end-cuttings rose by Rs500/mt to Rs 27,500/mt del mill with deals concluding at the index price.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) and Sponge iron remained flat at Rs26,000/mt and Rs23,200/mt del mill, respectively. The shortage of iron ore persists, cited mill operators.
($1=Rs74.14)