The daily Davis Index for HMS 1&2 (80:20) fell by Rs200/mt($2.80/mt) to Rs22500/mt del Mandi Gobindgarh. Ferrous scrap bookings declined as steel mills held enough inventories to meet their production requirements. The daily Davis Index for sponge iron inched up by Rs25/mt and settled at Rs22,675/mt del Mandi Gobindgarh.
The Davis Index for shredded scrap cfr Nhava Sheva settled at $291/mt Friday, down by $6/mt from a week ago on weak global cues. Despite healthy demand for finished steel, manufacturers refrained from trades awaiting prices to decline further.
The daily index for HMS 1&2 (80:20) rose by Rs75/mt to Rs23,375/mt del Mumbai, with a transaction reported at Rs23,400/mt. The daily index for sponge iron rose by Rs100/mt to Rs20,500/mt del Mumbai.
Trades remained thin on Friday ahead of the union budget to be announced on Saturday. The budget is likely to ramp up India’s automobile and infrastructure sectors driving the demand for ferrous scrap up.