The daily Davis Index for HMS 1&2 (80:20) rose by Rs100/mt ($1.36/mt) to Rs30,000/mt ($409.20/mt) del Mumbai mill amid healthy demand along with rising imported scrap offers. The index for Sponge iron declined by Rs300/mt to Rs27,950/mt del mill. A few deals were heard at the index price, while some suppliers are offering at higher prices due to limited supply.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) and Sponge iron settled flat at Rs29,600/mt and Rs29,400/mt del mill, respectively, amid bearish price trend for finished steel in November-December due to sluggish demand compared to other regions, said a market participant. Harsh winters have also weakened market sentiments.