The daily Davis Index for HMS 1&2 (80:20) rose by Rs150/mt ($2.06/mt) to Rs31,600/mt ($435.97/mt) del Mandi Gobindgarh mill amid global cues as well as tight supply. Although demand is slow, it is likely to pick up in the coming days if steel demand persists. The index for Sponge iron settled flat at Rs26,750/mt delivered mill due to slow demand. Mills continued to opt for scrap over Sponge iron since price for the latter are unworkable.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) settled flat at Rs28,500/mt delivered mill amid steady demand. A shortage of scrap continued to persist. The index for Sponge iron rose by Rs100/mt to Rs26,550/mt. Demand for Sponge iron in the domestic market has remained under pressure for over a month now. Sponge producers therefore focussed on exports and refused to reduce offers for Indian buyers.