Domestic ferrous scrap prices in India continued to remain firm amid a shortage of material. Large-scale mills are eying export opportunities, especially for sales of HRCs, and could be in the market for restocking. But small-and-medium scale mills bought material only to keep their furnaces running amid weak domestic demand for steel.
The daily Davis Index for HMS 1&2 (80:20) and sponge iron settled unchanged at Rs35,000/mt ($473.75/mt) del Mumbai mills and Rs29,900/mt ($404.78/mt) del mills, respectively.
In Mandi Gobindgarh, the Davis Index for HMS 1&2 (80:20) rose by Rs350/mt to Rs37,400/mt del mill and the index for sponge iron was unchanged at Rs32,300/mt del mill.