Domestic ferrous scrap prices settled flat in Mumbai but declined in Mandi Gobindgarh on Monday. Demand from mills remained subdued as markets were silent due to festive seasons.
The daily Davis Index for HMS 1&2 (80:20) settled flat at Rs34,500/mt($470.74/mt) del Mumbai mills amid tight supply and low demand and the index for sponge iron declined by Rs300/mt to Rs30,300/mt del mills.
Ingot sales in the North were low, therefore, scrap suppliers reduced their offers on Monday, the daily Davis Index for HMS 1&2 (80:20) declined by Rs100/mt to Rs34,700/mt del Mandi Gobindgarh and the index for sponge iron declined by Rs300/mt to Rs34,100/mt del mills.
Markets in Gujarat remained shut due to the Janmashtami festival hence shipbreaking scrap prices remained unchanged in Alang.
Market participants remained watchful and awaited a clear price trend while some of them believed prices could remain under pressure in September due to festivities.