In Mumbai, the daily Davis Index for HMS 1&2 (80:20) rose by Rs700/mt ($9.55/mt) to Rs31,500/mt ($429.80/mt) del mill fuelled by low availability and firm demand for finished steel. The index for Sponge iron increased by Rs500/mt to Rs28,700/mt del mill amid shortage of iron ore. Limited transactions were reported.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) rose by Rs400/mt to Rs34,750/mt del mill amid tight supply. Demand in the domestic market has witnessed an improvement. Suppliers are looking for short transit exports like Dubai. The offers for Sponge iron rose by Rs150/mt to Rs30,150/mt del mill. Trades have thinned amid limited buying.