Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The uptrend of ferrous scrap prices in the domestic market halted on Friday. Ingot prices in Mandi Gobindgarh declined by Rs200/mt, weighing down scrap prices. Still, a shortage of material amid logistical issues due to the ongoing protests in Punjab cushioned prices from falling.

 

The daily Davis Indexes for HMS 1&2 (80:20) settled flat at Rs24,700/mt ($364/mt) del Mandi Gobindgarh mill and Rs26,000/mt ($350.51/mt) del Mumbai mill on Friday. After a rise in semi-finished steel, buyers started to refrain from trading. Mills, therefore, had to reduce offers to boost sales. The fall in semi-finished steel prices, especially in Mandi Gobindgarh, pressured scrap prices. In Mumbai, though there was an uptick in finished and semi-finished steel prices, mills were largely away from scrap trades. 

 

Sponge iron prices, however, continued to rise amid a persisting shortage of iron ore and the resulting price rise. In Mandi Gobindgarh, the index for Sponge iron rose by Rs600/mt to Rs25,400/mt del mill, while in Mumbai, it rose only by Rs50/mt to Rs23,200/mt del mill.

 

($1=Rs74.17)

 

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