The daily Davis Index for HMS 1&2 (80:20) rose by Rs550/mt ($7.56/mt) to Rs27,800/mt ($382.48/mt) del Mumbai mill aided by the sustained demand for finished steel. The supply of scrap remained tight and aided the price rise. A positive market sentiment reigns the market amid expectations of lasting demand. The index for Sponge iron rose by Rs200/mt to Rs24,900/mt delivered mill, also supported by healthy demand.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) declined by Rs200/mt to Rs29,000/mt delivered mill. Officers from the Excise and Taxation department upped their ante in the city to ensure no deals take place without bills. The move has slowed trading activity and weighed down prices. After the raids cool down, demand is likely to improve. A persisting liquidity crunch has added to mills’ woes. The index for Sponge iron settled unchanged at Rs25,200/mt delivered mill with limited deals.