The daily Davis Index for HMS 1&2 (80:20) rose by Rs158/mt($2.21/mt) to Rs23,300/mt del Mumbai mills, with trades reported at Rs23,200/mt. The index for sponge iron remained unchanged at Rs20,450/mt.
Buyers of ferrous scrap in India refrained from trades in anticipation of the impact of Union budget.
In the North, the daily Davis Index for HMS 1&2 (80:20) rose by Rs100/mt to Rs22,750/mt del Mandi Gobindgarh, while the index for sponge iron declined by Rs125/mt to Rs22,650/mt del Mandi Gobindgarh.
The index for HMS 1&2 (80:20) rose by Rs400/mt to Rs22,600/mt del Delhi with transactions in the range of Rs23,000/mt. The index for sponge iron settled at Rs22,650/mt up by Rs100/mt del Delhi.
In southern India, the index for HMS 1&2 (80:20) settled at Rs23,350/mt del Chennai up by Rs25/mt, and the index for sponge iron settled at Rs20,000/mt up by Rs17/mt, as steel mills were already stocked up.
The index for HMS 80:20 (1&2) for del Ahmedabad, Indore and Goa, remained unchanged at Rs23,450/mt, Rs23,400/mt and Rs22,500/mt respectively.
Finished steel saw no major bookings from the infrastructure and realty sectors.