Indian domestic ferrous scrap prices remained unchanged on Tuesday as markets remained closed due to the nationwide lockdown.
To kickstart the economy the government eased lockdown regulations in green zones, not severely affected with COVID-19 cases, however, the highly interconnected nature of industrial areas in India, means transporting labour to work sites is virtually impossible under current conditions.Even when the lockdown ends, May 3, market participants still expect a gap of at least a week before industries can start production.
The daily Davis Index for HMS 1&2 (80:20) remained unchanged at Rs20,150 ($261.98/mt) del Mandi Gobindgarh. The daily index for sponge iron remained unchanged at Rs20,000/mt del Mandi Gobindgarh.
Vizag-based RINL has shut down two of its blast furnaces. Markets in Chennai have been closed since last month.
The bi-weekly index for HMS 1&2 (80:20) remained unchanged at Rs21,000/mt del Chennai and the index for sponge iron remained flat at Rs18,800/mt del Chennai.In Durgapur, Raipur, Hyderabad, Goa, Indore and Ahmedabad, the situation was the same, with the biweekly index for HMS 1&2 (80:20) unchanged at Rs22,475/mt, Rs 22,050/mt, Rs22,450/mt, Rs21,000/mt, Rs22,200/mt and Rs23,400/mt, respectively.
Manufacturers in Mumbai, a COVID-19 hotspot, are unable to restart work. 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.