Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Prices of domestic ferrous scrap declined on Monday as trading thinned. The rise in the number of COVID-19 cases in India has started affecting logistics and manufacturing activities. Traders are facing cash crunch due to low finished steel demand. 


In Mumbai, the daily Davis Index for HMS 1&2 (80:20) fell by Rs337/mt ($4.54/mt) to Rs22,713 ($305.94/mt) del mills and the index for sponge iron settled flat at Rs18,900/mt del mills. 


The daily Davis Index for HMS 1&2 (80:20) dropped by Rs125/mt to Rs20,525/mt del Mandi Gobindgarh. The daily index for sponge iron dropped by Rs250/mt ($3.37/mt) to Rs20,000/mt ($269.39) del Mandi as markets stayed silent. 


With the global spread of COVID-19 affecting the market sentiment, ferrous scrap prices are likely to stay flat or decrease further in the near term. 


($1= Rs74.185)

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