In Mumbai, the daily Davis Index for HMS 1&2 (80:20) settled unchanged at Rs29,850/mt ($409.60/mt) amid strong global cues and tight supply. Demand for finished steel was, however, slow. The index for Sponge iron also remained unchanged at Rs27,600/mt del mill.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) dropped by Rs100/mt to Rs32,000/mt amid sluggish demand for finished steel. A few suppliers were still unwilling to reduce offers hoping for the market to recover. Buyers on the other hand, expect price to come under pressure. The index for Sponge iron was unchanged at Rs27,800/mt del mill.
($1=Rs73.52)