Indian domestic ferrous scrap prices continued to remain flat, with zero demand in the COVID-19 national lockdown scenario. The daily Davis Index for HMS 1&2 (80:20) remained unchanged at Rs20,150 ($262.11/mt) del Mandi Gobindgarh. The daily index for sponge iron remained unchanged at Rs20,000/mt del Mandi Gobindgarh.
The government is to allow constructions and infrastructure to start in less affected areas, under strict guidelines. The Indian Steel Association (ISA) tweeted a sigh of relief on this news, with April 20 as the day for a few of the restrictions to be lifted. However, all industries related to steel are currently at a loss to manage the supply of raw material through rail, air, or water, and labour supply, given that all contract staff has migrated to home towns.
The bi-weekly index for HMS 1&2 (80:20) remained unchanged at Rs21,000/mt del Chennai and the index for sponge iron remained flat at Rs18,800/mt del Chennai. In Durgapur, Raipur, Hyderabad, Goa, Indore, Jalna and Ahmedabad, the situation remains the same with the biweekly index for HMS 1&2 (80:20) unchanged at Rs22,475/mt, Rs 22,050/mt, Rs22,450/mt, Rs21,000/mt, Rs22,200/mt, Rs21,950/mt and Rs23,400/mt, respectively.
The daily Davis Index for HMS 1&2 (80:20) and sponge iron settled unchanged at Rs22,450/mt and Rs17,900/mt del Mumbai mills, respectively.