The daily Davis Index for HMS 1&2 (80:20) rose by Rs2,000/mt ($27.41/mt) to Rs28,000/mt ($383.73/mt) del Mandi Gobindgarh mill amid a slight uptick in demand. However, supply remains tight as mills scrambled to secure domestic scrap in anticipation of increase in demand.
The index for Sponge iron rose by Rs600/mt to Rs24,600/mt del Mandi Gobindgarh mill with limited deals. The mills have opted to wait and watch amid extreme volatility.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) settled flat at Rs26,500/mt del mill. The index for Sponge iron rose by Rs500/mt to Rs23,350/mt del Mumbai mill amid stable demand. The Sponge manufacturers expect the prices to improve in the near future.