Indian domestic ferrous scrap prices continued their weeklong fall on Monday.
In Mumbai, the index for HMS 1&2 (80:20) dropped by Rs50/mt ($0.65/ mt) from Friday to Rs19,000/mt ($249.91/mt) del mills and the index for sponge iron increased by Rs100/mt to Rs15,900/mt del mills.
Weak finished steel demand continued to pressure scrap prices. Yards lowered their offers to boost trades, yet mills stayed away from purchases.
In Mandi Gobindgarh, the Davis Index for HMS 1&2 (80:20) declined by Rs400/mt to Rs19,600/mt del mills. The index for sponge iron dropped by Rs50/mt to Rs19,000/mt del mills.
Steel mills are still operating at lower than usual capacity amid a shortage of workers. With COVID19 cases consistently increasing in India, economic activity remains subdued in some regions of the country.
($1= Rs 76.02)