Indian domestic ferrous scrap prices continued to drop on Wednesday, with limited trades being reported.
The daily Davis Index for HMS 1&2 (80:20) declined by Rs200/mt ($2.80/mt) to Rs21,650/mt del Mandi Gobindgarh.
The daily index for sponge iron remained unchanged at Rs22,000/mt.
The daily Davis Index for HMS 1&2 (80:20) fell by Rs50/mt to Rs22500/mt del Mumbai mills, and the index for sponge iron settled at Rs20,200/mt down by Rs50/mt del Mumbai.
Market participants believe prices will continue to move southward till the end of the week.
Before the Lunar New Year holidays and the Coronavirus shutdown took effect in China, a few steelmakers in India had built up raw material inventories ahead of mining leases due to expire in the country, traders informed Davis Index.
Mills in India, following the China lockdown, which is now slowly easing, exported finished steel for good realisation in overseas markets.