The daily Davis Index for HMS 1&2 (80:20) rose by Rs300/mt ($4.03/mt) to Rs25,500/mt ($343.22/mt) del Mumbai, amid a rise in demand, while the index for Sponge iron jumped by Rs1,800/mt to Rs26,200/mt del mill due to a persisting iron ore shortage with the closure of 21 mines in March.
Indian mining company National Mineral Development Corporation (NMDC) has raised iron ore prices by Rs300-400/mt ($4-5/mt) for rest of November deliveries. This is the second price hike by the company this month. The company had raised iron ore prices by Rs150/mt ($2/mt) earlier this month. This has raised the input cost for most Sponge iron producers.
The daily Davis Index for HMS 1&2 (80:20) rose by Rs400/mt ($5.38/mt) to Rs25,400/mt ($341.85/mt) del Mandi amid rise in demand. The index for Sponge iron settled at Rs26,750/mt with no deals reported. Mills exercised caution before purchasing material amid rising offers.