The daily Davis Index for HMS 1&2 (80:20) rose by Rs650/mt ($8.95/mt) to Rs31,450/mt ($433.31/mt) del Mandi Gobindgarh mill on Friday amid global cues and firm domestic demand.
A tight supply in the domestic market also gave prices a lift. Mills preferred scrap over Sponge iron amid rising iron ore prices globally. Supported by a price hike, mills are also actively looking for alternatives from regions like Africa and South America at competitive prices. The index for Sponge iron rose by Rs450/mt to Rs26,750/mt del Mandi Gobindgarh mill.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) and Sponge iron settled flat at Rs28,500/mt and Rs16,450/mt del mill, respectively. Trade activities thinned due to Shivaji Jayanti holiday in Maharashtra on Friday.