Domestic ferrous scrap prices remained mixed on Thursday. Prices in Ahmedabad, Indore and Mumbai were on an uptrend as supplies tightened while those in Jaipur, Mandi Gobindgarh, and Jalna, declined amid low demand.
The daily Davis Index for HMS 1&2 (80:20) increased by Rs600/mt to Rs34,800/mt ($476.42) del Mumbai mills and the index for sponge iron increased by Rs200/mt to Rs30,500/mt del mills amid limited scrap availability.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) plunged by Rs600/mt to Rs35,100/mt del mills and the index for sponge iron also declined by Rs200/mt to Rs34,200/mt del Mandi mills due to low ingot sales.
In Durgapur, the bi-weekly Davis Index for HMS 1&2 (80:20) remained unchanged at Rs36,000/mt del mills while the index for sponge iron increased by Rs300/mt to Rs29,300/mt del Durgapur mills amid tight supply.
The bi-weekly Davis Index for HMS 1&2 (80:20) declined by Rs600/mt to Rs34,700/mt del Jalna mills as demand remained scarce. The index for sponge iron rose by Rs400/mt to Rs32,400/mt del mills.
The bi-weekly Davis Index for HMS 1&2 (80:20) increased by Rs500/mt to Rs36,500/mt del Ahmedabad mills and the index for sponge iron increased by Rs500/mt to Rs33,000/mt del mills on increased demand from the construction sector as activities resumed post the monsoon season.
The bi-weekly Davis Index in Jaipur for HMS 1&2 (80:20) declined by Rs100/mt to Rs35,600/mt del mills and the index for sponge iron plunged by Rs1800/mt to Rs33,900/mt del mills due to the fall in iron ore prices.
The bi-weekly Davis Index in Indore for HMS 1&2 (80:20) increased by Rs200/mt to Rs35,400/mt del mills and the index for sponge iron also increased by Rs200/mt to Rs31,500/mt del mills amid limited availability. Sentiment is positive as mills continued to restock inventories.
($1=Rs74.21)