In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) rose by Rs725/mt ($9.95/mt) to Rs32,000/mt ($439.43/mt) del mill amid tight supply. Improved demand for finished steel also gave raw material prices a lift. Steelmakers focussed on clearing inventories before the new financial year begins from April 1.
The daily index for P&S rose by Rs800/mt to Rs33,500/mt del Mandi mill. Offers for Sponge iron rose by Rs400/mt to Rs28,000/mt del mill as international prices have started to rise again. The Spot 62pc Fe Iron Ore prices rose by $6.35/mt to $171.05/dmt from March 10. Limited deals were reported as buyers found the prices unviable.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) rose by Rs700/mt to Rs28,700/mt del mill amid scrap shortage. The index for Sponge iron settled flat at Rs28,000/mt and Rs26,700/mt del mill, respectively, with limited deals being reported. Mill operators indicated bearish market sentiment.