In Durgapur, the mills preferred scrap instead of Sponge amid rising raw material prices and are also on a lookout for imported scrap. The bi-weekly index for HMS 1&2 (80:20) rose by Rs700/mt ($9.47/mt) to Rs28,700/mt ($388.3/mt) del mill. The mills sourcing iron ore via e-auctions organised by State-owned Odisha Mining Corporation stated the prices were high. The index for Sponge iron rose by Rs400/mt ($5.41/mt) to Rs25,300/mt ($342.3/mt) del mill.
In South India, the India Meteorological Department (IMD) has issued a red alert for Tamil Nadu and South Kerala as Cyclone ‘Burevi’ is likely to make landfall in the next 72 hours, which would obstruct logistics. The bi-weekly index for HMS 1&2 (80:20) rose by Rs750/mt to Rs27,250/mt del Chennai mill. No transactions were heard at the index price. The index for Sponge iron rose by Rs350/mt to Rs26,300/mt del Chennai mill.
Amongst the daily priced markets, Punjab continues to suffer raw material pangs due to blocked borders and subsequent supply disruption amid farmers’ agitation. The daily Davis Index for HMS 1&2 (80:20) and Sponge iron remained unchanged at Rs26,300/mt and Rs27,250/mt, del Mandi Gobindgarh, respectively.
In Mumbai, the Davis Index for HMS 1&2 (80:20) rose by Rs300/mt to Rs26,800/mt del Mumbai mill. Trades concluded at the index price. The index for Sponge iron increased by Rs500/mt to Rs26,900/mt del mill amid iron ore paucity.
In other regions, the bi-weekly Davis Index for HMS 1&2 (80:20) rose by Rs300/mt to Rs28,300/mt del Indore mill, while the index for Sponge iron rose by Rs500/mt to Rs27,500/mt del mill.
In Jaipur, the index for HMS 1&2 (80:20) rose by Rs300/mt to Rs26,600/mt del mill and the index for Sponge iron increased by Rs250/mt to Rs27,550/mt del mill.