Indian domestic ferrous scrap prices continued to drop on Wednesday amid weak demand for finished steel. Mills await infrastructure and construction projects to gain momentum hoping it could revive demand. But a lack of government impetus and persisting labour shortage has kept activities slow.

 

In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) declined by Rs 300/mt ($3.93/mt) to Rs20,100/mt ($263.75/mt) del mills in line with a fall in ingot prices by the same amount. The daily index for sponge iron dropped by Rs200/mt to Rs19,400/mt del mills.

 

In Mumbai, the daily index for HMS 1&2 (80:20) remained unchanged at Rs20,000/mt del mills as trades thinned. The index for sponge iron dropped by Rs300/mt to Rs16,100/mt del mills. Deals were reported at the index price.

 

($1= Rs 76.21)

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