Indian domestic ferrous scrap prices were mixed on Tuesday. Very few trades were reported in the market.

The daily Davis Index for HMS 1&2 (80:20) increased by Rs 200/mt ($2.64/mt) to Rs19,800/mt ($261.79/mt) del Mandi Gobindgarh. The daily index for sponge iron was unchanged at Rs19,000/mt del Mandi Gobindgarh.

Infrastructure and construction projects remain on hold due to the ongoing south-west monsoons. A shortage of workers has also impacted the pace of these projects thus pressuring finished steel demand.

 

In Durgapur, the bi-weekly index for HMS 1&2 (80:20) dropped by Rs200/mt to Rs22,300/mt del mill and the index for sponge iron declined by Rs200/mt to Rs14,800/mt del mill from the prior Thursday.

 

In Mumbai, markets are still grappling with low demand and the daily index for HMS 1&2 (80:20) remained unchanged at Rs19,000/mt del mills and the index for sponge iron settled at Rs15,900/mt del mills, also unchanged.

 

The bi-weekly index for HMS 1&2 (80:20) fell by Rs450/mt to Rs 20,000/mt del Goa and the index for sponge iron dropped by Rs550/mt to Rs15,800/mt del Goa from the prior Thursday. HMS 1&2 (80:20) trades were reported at the index price.

 

The Tamil Nadu government has announced lockdown in Chennai and other districts where COVID-19 cases are surging till June 30. Thus, the Chennai market remained closed and the indexes settled unchanged for HMS 1&2 (80:20) at Rs21,000/mt del mill and Rs16,300/mt del mill for sponge iron.

 

In Bhubaneshwar, the bi-weekly index for HMS 1&2 (80:20) dropped by Rs200/mt to Rs21,800/mt del mill and the index for sponge iron declined by Rs200/mt to Rs14,800/mt del mill.

 

($1= Rs75.62)

 

 

 

 

 

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