Indian domestic ferrous scrap prices dropped on Monday as manufacturers stayed away from purchases due to built up imported scrap inventory. A sluggish demand for finished steel also pressured prices. 

 

In Mandi-Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) fell by Rs1,150/mt ($15.17/mt) to Rs19,000/mt ($250.82/mt) del mill. The daily index for sponge iron dropped by Rs1,425/mt to Rs18,575/mt del mill. 

 

In Mumbai, no trades were reported, while the offers were at Rs 21,300-21,400/mt. The daily index for HMS 1&2 (80:20) dropped by Rs1,175/mt ($15.50/mt) to Rs21,275/mt ($280.74/mt) del mills and the index for sponge iron remained unchanged at Rs17,700/mt del mills.

 

To tide over the COVID-19 crisis Maharashtra government has permitted industrial units to operate on 12-hour shift basis with double the wages due to shortage of labour. 

 

 ($1 = Rs75.75)

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