The Davis Index for HMS 1&2 (80:20) rose by Rs200/mt ($2.73/mt) from Friday to Rs29,800/mt ($408.07/mt) del Mandi-Gobindgarh mill on the back of rising imported scrap offers. The index for sponge iron rose by Rs400/mt to Rs29,800/mt delivered mill with limited buying. With the Indian government approving two COVID-19 vaccines, the market sentiment turned positive.
Primary steelmakers have raised steel prices by Rs1,500-3,000/mt ($21-41/mt) for both, long and flat products, for January deliveries, according to Davis Index’s sources. The hike in steel prices also instilled confidence in the market.
In Mumbai, the index for HMS 1&2 (80:20) settled flat at Rs30,000/mt delivered mill, and the index for Sponge iron rose by Rs300/mt to Rs28,250/mt del mill. Although most mills believe markets to remain bullish for the next few days, those in the MSME category are treading with caution and resorting to trades on a need basis.