The daily Davis Index for HMS 1&2 (80:20) rose by Rs1,200/mt ($16.32/mt) to Rs29,100/mt ($395.8/mt) del Mandi Gobindgarh mill amid sluggish demand for finished steel. Construction activities have slowed down due to winter. Mills are waiting finished steel demand to revive, which resulted in limited trades.
The index for Sponge iron rose by Rs650/mt to Rs29,400/mt as iron ore shortage persists. Trades thinned as it is unviable for the buyers to conclude deals at those levels.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) rose by Rs500/mt to Rs30,000/mt amid domestic shortage and the index for Sponge iron increased by Rs150/mt to Rs28,250/mt del mill with limited trades. Market sentiments remain weak.