The daily Davis Index for HMS 1&2 (80:20) rose by Rs1,100/mt ($15.11/mt) to Rs30,800/mt ($423.14/mt) del Mandi Gobindgarh mill due to supply crunch and following global cues. Strong demand for finished steel also drove the raw material prices up. The index for Sponge iron rose by Rs200/mt to Rs26,300/mt amid rising iron ore prices globally. Sponge manufacturers are unable to gauge pace at which prices will rise.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) rose by Rs500/mt to Rs28,500/mt. The index for Sponge iron settled flat at Rs25,700/mt del mill with limited deals.. Some Sponge iron manufacturers are providing discounts,creating confusion in the market.
Shipbreaking yards in Alang were closed on Wednesday to pay homage to Rajbhai Bansal, ex-president of Ship Recycling Industries Association (SRIA), who passed away on Tuesday.