Domestic ferrous scrap prices remained firm in Mumbai and Mandi Gobindgarh on Friday. But demand for finished steel is still low. Scrap suppliers are keeping their offers firm amid a tight supply of material in the domestic market.
The daily Davis Index for HMS 1&2 (80:20) rose by Rs200/mt ($2.73) to Rs35,000/mt del Mumbai mills, and the index for sponge iron settled flat at Rs30,500/mt del mills.
Markets in the North also showed a similar trend, and the index for HMS 1&2 (80:20) rose by Rs100/mt to Rs35,200/mt del Mandi Gobindgarh. While the index for sponge iron declined by Rs100/mt to Rs34,100/mt del mills.
Market participants are on a wait-and-watch mode as offers for imported scrap declined by $5/mt this week. This could also have an impact on the domestic scrap prices until local finished steel demand picks pace.