Domestic ferrous scrap prices were flat in Mumbai but increased in Mandi Gobindgarh. Most small and medium-scale mills continued to adopt a just-in-time inventory strategy. Large-scale mills Mills continued to tap the export market amid sluggish domestic demand and were comparatively more active in the ferrous scrap market.
The daily Davis Index for HMS 1&2 (80:20) rose by Rs300/mt ($4.11/mt) to Rs37,700/mt delivered Mandi Gobindgarh mill and the index for sponge iron settled flat at Rs33,700/mt delivered mill.
Traders were bullish as trading is likely to gain momentum next week with many regions relaxing lockdown restrictions.
The daily Davis Index for HMS1&2(80:20) settled flat at Rs33,800/mt del Mumbai mills and the index for sponge iron rose by Rs800/mt to Rs31,300/mt del mills amid a rise in input cost.
In other market updates, Steel Authority of India (Sail) has raised flat product prices by Rs5,000/mt ($69/mt) for June deliveries.