The daily Davis Index for HMS 1&2 (80:20) declined by Rs550/mt ($7.49/mt) to Rs29,000/mt ($394.9/mt) del Mumbai mill amid oversupply of scrap, while demand for finished steel remains sluggish.
The index for sponge iron rose by Rs175/mt to Rs28,600/mt del mill, but limited deals were reported. Buyers found the prices unviable due to weak demand.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) declined by Rs400/mt to Rs29,300/mr del mill amid thin trading activity ahead of Lohri and Makar Sankranti festivities on Jan13-14.
The index for Sponge iron fell by Rs600/mt to Rs28,100/mt del Mandi Gobindgarh mill. Mills are grappling with cash crunch since many have not yet received their GST returns. Raids being conducted by Directorate General of GST Intelligence (DGGI) is also hampering business.
($1=Rs73.41)