Domestic ferrous scrap prices in Mumbai and Mandi Gobindgarh settled unchanged on Friday. In Mumbai, the daily Davis Index for HMS 1&2 (80:20) settled unchanged at Rs29,500/mt ($406/mt) del Mumbai mills as mills bought material only on a need basis. There were rumours about a stringent lockdown in the state of Maharashtra as the cases of COVID-19 virus kept touching new highs every day in the past one week.
Mills were thus unwilling to stock material. The index for Sponge iron rose by Rs100/mt to Rs26,000/mt del Mumbai mills. Few days ago, Indian state-owned miner NMDC raised its iron ore prices which has resulted in increased input costs for Sponge makers.
Market participants expect domestic ferrous scrap prices to rise next week after Holi as mills owners try to complete targets before March 31.
Markets in Mandi Gobindgarh continued to stay silent with traders still on strike. The daily Davis Index for HMS 1&2(80:20) settled flat at Rs32,550/mt del Mandi Gobindgarh and the index for Sponge iron settled unchanged at Rs28,600/mt del Mandi Gobindgarh.