Indian domestic ferrous scrap prices continued to fall on weak demand for finished steel.

 

In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) declined by Rs400/mt ($5.25/ mt) to Rs20,600/mt ($270.82/mt) del mills. Transactions were heard at the index price. The daily index for sponge iron dropped by Rs350/mt to Rs19,600/mt del mills.

Manufacturers struggled to ramp up operations due to a labour shortage. Workers, on the other hand,  mulled their return to larger cities as COVID-19 cases in these areas continued to rise.

 

In Mumbai, the daily index for HMS 1&2 (80:20) dropped by Rs300/mt to Rs20,750/mt del mills and the index for sponge iron declined by Rs300/mt to Rs16,600/mt del mills. A few deals were heard at the index price.

 

Market participants feel prompt resumption of stalled construction and infrastructure projects could boost steel demand in the near term.

($1= Rs 76.06)

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