The daily Davis Index for HMS 1&2 (80:20) declined by Rs100/mt ($1.33/mt) to Rs20,300/mt ($270.64/mt) delivered Mandi Gobindgarh mill. Scrap prices dropped weighed down by an equal fall in ingot. The index for sponge iron settled unchanged at Rs19,500/mt del mill.
Most small and medium-scale mills are still working at lower than usual capacity in keeping with the low finished steel demand, thereby reducing demand for scrap. Few scrap trades concluded, but a shortage of scrap limited the fall in prices.
The Davis Index for HMS 1&2 (80:20) fell by Rs100/mt to Rs20,550/mt del Mumbai mill and the index for sponge iron settled unchanged at Rs16,500/mt del mill. The pace of COVID-19 infection in the industrial state of Maharashtra is alarming and authorities have imposed restrictions on movement of people in many suburban regions. A second round of lockdown in cities like Pune has affected economic activities across the region.