Indian domestic ferrous scrap prices remained flat this week as containerised scrap import prices inched down by $11/mt from the week prior.
The daily Davis Index for HMS 1&2 (80:20) declined by Rs50/mt($0.70/mt) to Rs22,850/mt del Mumbai mill, and the index for sponge iron declined by Rs200/mt to Rs20,200/mt del Mumbai mill, as demand for sponge iron has declined.
The Davis index for shredded scrap cfr Nhava Sheva settled at $299/mt Friday, dowwn by $11/mt from a week ago.
Daily scrap prices across the country stayed unchanged Friday, as very few steel makers booked deals.
The daily Davis Index for HMS 1&2 (80:20) rose by Rs175/mt to Rs22300/mt del Mandi Gobindgarh as a transaction took place at Rs2200-22400/mt for HMS 1&2 (80:20). The index for sponge iron rose by Rs850/mt to Rs23400/mt with a transaction at Rs23400/mt.
Across India domestic scrap prices are likely to remain under downward pressure next week.