The Indian ferrous scrap market maintained its downtrend pressured by lack of trades. Turkish ferrous scrap import prices declined by $21 on Tuesday compared to Friday, forcing other countries to lower offers.
The daily Davis Index for HMS 1&2 (80:20) declined by Rs675/mt ($9.24/mt) to Rs27,300/mt ($373.89/mt) del Mumbai mill. Mills are waiting for the market to stabilise before making fresh purchases. Demand for finished steel continues to remain weak as construction activities have slowed down. Limited deals were reported at the current levels.
There are signs that finished steel and raw material prices would decline further ,making the infra projects viable and giving finished steel demand a lift.. The index for Sponge iron declined by Rs400/mt to Rs25,650/mt del mill.
In Mandi Gobindagrh, the daily Davis Index for HMS 1&2 (80:20) dropped by Rs200/mt to Rs27,200/mt del mill. The index for Sponge iron declined by Rs600/mt to Rs26,050/mt del mill amid bearish market sentiment.
($1=Rs73.01)