The bi-weekly index for HMS 1&2 (80:20) in Durgapur rose by Rs1,900/mt ($25.57/mt) to Rs27,900/mt del mill ($375.52/mt) amid rise in imported scrap prices. The index for Sponge rose by Rs400/mt ($5.38/mt) to Rs24,800/mt del mill ($333.8/mt) on the back of iron ore shortage.
In South India, the bi-weekly index for HMS 1&2 (80:20) rose by Rs125/mt to Rs25,375/mt del Chennai mill amid healthy demand for scrap along with moderate demand for finished steel. Mills are preferring to buy domestic scrap due to high cost of imported scrap. The offers for shredded are at $355-360/mt, up by $15/mt over the prior week with a few deals concluding. The index for Sponge iron rose by Rs350/mt to Rs24,750/mt del Chennai.
Amongst the daily-priced markets, the Davis Index for HMS 1&2 (80:20) declined by Rs400/mt to Rs25,000/mt del Mandi Gobindgarh mill, as mills exercised caution in buying amid rising offers. The daily index for Sponge iron, however, rose by Rs250/mt to Rs27,000/mt del mill.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) settled flat at Rs25,500/mt del mill with demand for domestic scrap rather weak due to stockpiled inventory of imported scrap at the ports. The daily Davis Index for Sponge fell by Rs350/mt to Rs25,850/mt del mill.
In Goa, the bi-weekly index for HMS 1&2 (80:20) settled flat at Rs24,950/mt del mill, while the index for Sponge iron jumped by Rs1,900/mt to Rs25,500/mt del mill.
In Ludhiana, the index for HMS 1&2 (80:20) increased by Rs500/mt to Rs26,950/mt del mill while the index for Sponge iron settled unchanged at Rs26,850/mt del mill. The index for busheling rose by Rs350/mt to Rs30,000/mt del mill. Although demand for steel remains slow, shortage of material has largely supported prices.
In Jaipur, the index for HMS 1&2 (80:20) and Sponge iron remained unchanged at Rs25,350/mt del mill and Rs27,750/mt del mill, respectively, amid limited trades. Supply of scrap in Jaipur remains moderate.
In Delhi, the bi-weekly index for HMS 1&2 (80:20) and Sponge settled flat at Rs25,050/mt and Rs27,600/mt del mill, respectively. Trades thinned amid imposition of lockdown in markets
($1=Rs74.292)