Indian domestic scrap prices declined Friday amid low demand from mills. Trades were thin due to heavy rains across the western coast. The daily Davis Index for HMS1&2 (80:20) Friday fell by Rs100/mt ($1.36/mt) to Rs23,200/mt delivered Mumbai mills. The index for sponge iron fell by Rs100/mt to Rs19,700/mt delivered Mumbai mills.
Major mills in India are expected to raise flat steel prices by Rs2,500-3,000/mt and long products by Rs1,000-1,500/mt, learnt Davis Index from sources. Prices for imported HMS improved this week by $7-8/mt cfr India port.
Traders are expecting an uptick in demand and improvement in prices in the near term once monsoon subsides and logistics gets back on track.
In the North, the daily Davis Index for HMS 1&2(80:20) Friday fell by Rs100/mt to Rs21,900/mt del Mandi Gobindgarh. Traders expect prices to rise in the second half of the day. The daily Davis Index for sponge iron declined by Rs400/mt to Rs22,000/mt del Mandi Gobindgarh.