In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) settled flat at Rs31,400/mt ($429.25/mt) del mill amid persisting scrap shortage. Manufacturers expect prices to rise in the near term. The offers for Sponge iron settled flat at Rs27,600/mt. The Sponge manufacturers are unwilling to reduce offers amid rising iron ore prices globally.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) remained unchanged at Rs29,000/mt del mill amid steady demand for finished and semi-finished steel. Domestic supply, however, remained tight. Some buyers lowered the bids, but mills are reluctant to reduce offers on global cues. The price for HMS 1&2 (80:20) cfr Turkey has risen by $28.43/mt to $453.43 on Feb 25, compared to the prior week.
The index for Sponge iron rose by Rs450/mt to Rs26,650/mt del Mumbai mill amid improved demand. Sponge manufacturers have indicated positive sentiment across the country.