The daily Davis Index for HMS 1&2 (80:20) rose by Rs500/mt ($6.76/mt) to Rs24,700/mt ($334.10/mt) del Mandi Gobindgarh mill amid rising imported scrap prices owing to container shortages and delay in shipments. Amid scarcity of imported scrap and rising Sponge prices, mills preferred domestic scrap.
The index for Sponge iron rose by Rs400/mt to 26,800/mt del Mandi Gobindgarh with no transactions reported as it was an unviable option.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) and Sponge rose by Rs100 each to Rs25,300/mt and Rs25,200/mt del mill, respectively, on the back of global cues. However, the market sentiments are positive.