Ferrous scrap prices on Wednesday were unchanged in Mumbai amid tight supply and tepid demand.

 

The daily Davis Index for HMS 1&2 (80:20) settled unchanged at Rs33,500/mt($449/mt) del Mumbai mills, and the index for sponge iron declined by Rs100/mt to Rs30,600/mt delivered mills.

 

Mills in the North resumed production activity after a prolonged power cut. Demand for finished steel is yet to pick up, keeping mills away from scrap purchases.

 

The daily Davis Index for HMS 1&2 (80:20) declined by Rs1,000/mt to Rs33,000/mt del Mandi Gobindgarh, and the index for sponge iron fell by Rs200/mt to Rs32,200/mt delivered mills.

 

Market participants are waiting for a clear price direction before booking more material.

 

($1=Rs74.55)

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