The daily Davis Index for HMS 1&2 (80:20) rose by Rs400/mt ($5.404/mt) to Rs25,100/mt ($339.15/mt) del Mandi Gobindgarh mill on global clues and amid rising finished steel prices.
The index for Sponge iron remained firm and settled at Rs26,850/mt with no takers at those price levels because of interrupted supply of raw material, cited manufacturers.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) rose by Rs200/mt to Rs25,500/mt supported by gradual pick up in finished steel demand. Moreover, mills are preferring scrap over Sponge as steelmaking through Sponge requires addition of cast iron and other ferro-alloys to achieve the right composition — costlier than the scrap route. The index for Sponge rose by Rs100 to Rs25,300/mt del mill.