Indian domestic ferrous scrap prices remained flat on Tuesday with the government locking down several states and union territories in the country. A few states like Maharashtra and Punjab have even imposed curfews at few places to contain the spread of COVID-19.
In the North, the Davis Index for HMS 1&2 (80:20) settled at Rs20,150/mt ($264.97/mt) del Mandi Gobindgarh unchanged from the prior day. In Ludhiana, the bi-weekly index for HMS 1&2 (80:20) settled flat at Rs20,300/mt.
The bi-weekly index for HMS 1&2 (80:20) remained unchanged at Rs21,000/mt del Chennai and the index for sponge iron settled flat at Rs18,800/mt del Chennai.
In Durgapur, Raipur, Hyderabad, Goa, Indore and Ahmedabad situation was no different and the bi-weekly index settled flat at Rs20,475/mt, Rs23,400/mt, Rs22,450/mt, Rs21,000/mt, Rs22,200/mt and Rs23,400/mt, respectively.
The daily Davis Index for HMS 1&2 (80:20) and sponge iron settled unchanged at Rs22,450/mt and Rs17,900/mt del Mumbai mills, respectively. The bi-weekly index for HMS 1&2 (80:20) and sponge iron remained unchanged at Rs21,950/mt and Rs19,750/mt del Jalna, respectively.
All non-essential activities like construction, manufacturing are shut across the country. State-owned primary steel mills, however, have been asked to continue production at usual levels by adopting precautionary measures. The steel ministry has written to the cabinet chief secretary seeking relaxations in lockdown restrictions for smooth flow of labour and material. The move could ease challenges faced by integrated steel plants as well as induction furnaces-based steel units, according to a Davis Index source.
($1 = Rs75.06)