Mills in Mumbai and Mandi Gobindgarh adopted a just-in-time approach towards ferrous scrap purchases for a third successive week.
The Davis Indexes for HMS 1&2 (80:20) and sponge iron settled unchanged from Friday at Rs20,300/mt ($271.15/mt) and Rs19,500/mt ($260.44/mt) del Mandi Gobindgarh mill, respectively.
In Mumbai, the index for HMS 1&2 (80:20) Monday rose by Rs150/mt ($2) to Rs20,700/mt ($276.47) del mill and the index for sponge iron settled unchanged at Rs16,600/mt del mill. Very few trades were reported.
Prices for Turkish imports of US-origin HMS 1&2 (80:20), though down $0.05/mt from the day earlier at $260.20/mt cfr on the prior Friday, were up by around $4/mt from the prior Monday. Sellers in the US are still targeting $265/mt cfr amid active trades by Turkish mills. These prices in Turkey are likely to have a bearing on imported scrap offers into India, with a ripple effect on domestic ferrous scrap.