Indian domestic ferrous scrap prices were flat on Monday with markets closed due to the nationwide lockdown. The daily Davis Index for HMS 1&2 (80:20) remained unchanged at Rs20,150/mt ($264.42/mt) del Mandi Gobindgarh. The daily index for sponge iron remained flat at Rs20,000/mt del Mandi Gobindgarh. 

 

The COVID-19 pandemic has impacted steel production in India as induction furnaces all over the nation are shut. Blast furnaces at integrated plants are still operating, but with minimum production. Industry bodies have been urging the government  to push infrastructure and real estate projects to spur steel demand in India. The Material Recycling Association of India has also suggested that the government waive import duty on scrap for the next six-nine months. 

 

According to manufacturers, finished steel demand will be subdued even after the lockdown and not resume till after the monsoon season, June-Sept at the minimum. This,  mainly since real estate and infra projects slow down during the monsoon season.

In Mumbai, the daily index for HMS 1&2 (80:20) settled flat at Rs22,450/mt del mills and the index for sponge iron remained unchanged Rs17,900/mt del mills.

 

($1 = Rs76.20)

 

Leave a Reply

Your email address will not be published.