Domestic ferrous scrap prices settled flat to down on Monday. In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) dropped by Rs100/mt ($1.33/mt) to Rs35,450/mt ($473.41/mt) del mill. A fall in ingot prices by Rs600/mt to Rs43,700/mt del mill on Monday due to decline in finished steel prices is likely to weigh down on scrap prices. The daily index for sponge iron declined by Rs100/mt to Rs32,100/mt del mill. Sponge manufacturers have adopted a wait-and-watch strategy, unsure about price direction.
Ferrous scrap prices in Mumbai settled flat on Monday amid tight supply and low demand from the mills. Despite a surge in rebar prices, the strict lockdown measures in Maharashtra kept mills away from the ferrous scrap market. Low availability of oxygen cylinders affected production.The daily Davis Index for HMS 1&2 (80:20) settled flat at Rs32,500/mt del Mumbai mills and the index for sponge iron rose by Rs300/mt to Rs30,200/mt del Mumbai mills.