Sluggish demad for finished steel brought down the daily Davis Index for HMS 1&2 (80:20) by Rs500/mt ($6.89/mt) to Rs28,000/mt ($385.93/mt) del Mumbai mill on Wednesday. The index for Sponge iron dropped by Rs200/mt to Rs26,500/mt del Mumbai mill amid lull in the market. Sponge manufacturers were forced to reduce offers to stimulate sales. Fear of another lockdown in the region due to rising COVID-19 cases is affecting market sentiments.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) and Sponge iron settled flat at Rs32,550/mt ($451.89/mt) and Rs28,600/mt ($472.59) del mill, respectively, as the rolling mills went on an indefinite strike protesting against Punjab Excise and Taxation department’s GST raids.