The Davis Index for HMS 1&2 (80:20) rose by Rs500/mt ($6.79/mt) from Friday to Rs28,000/mt($380.71/mt) del Mumbai mill, on the back of rising demand for finished steel as well as scrap. Transactions were reported at the index price.
Sponge iron prices continued to rise amid iron ore shortage. The index for sponge iron rose by Rs700 to Rs27,500/mt del mill. No trades were reported at these levels. In the coming days, however, iron ore supplies could increase with many merchant miners resuming operations in Orissa after the auction.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) rose by Rs300/mt to Rs27,300/mt del mill, while the index for sponge iron settled flat at Rs28,250/mt del mill.