Indian domestic ferrous scrap prices rose for a third successive day amid strong global cues and healthy demand for domestic finished steel.
The daily Davis Index for HMS 1&2 (80:20) increased by Rs783/mt ($10.97/mt) to Rs22,383/mt del Mandi Gobindgarh.
A rise in global ferrous scrap prices by $5-10/mt cfr Nahva Sheva, drove domestic scrap prices higher.
The daily index for sponge iron increased by Rs600/mt to Rs21,800/mt del Mandi Gobindgarh.
The daily Davis Index for HMS 1&2 (80:20) increased by Rs250/mt to Rs23,050/mt del Mumbai mills.
Transactions in the Rs23,100/mt were reported on Monday, with the daily index for sponge iron at Rs20,000/mt, down by Rs300/mt del Mumbai.
Ferrous scrap prices this week are likely to remain bullish.
Suppliers held offers up by as much Rs200-300/mt over the index price, but bookings remained thin.
($1 = 71.37)