The daily Davis Index for HMS 1&2 (80:20) in Mandi Gobindgarh rose by Rs100/mt ($1.33/mt) to Rs24,100/mt ($322.046/mt) del mill amid supply crunch with limited trades reported. Disruption of rail services in Punjab over Farm Bill would have a serious impact on movement of goods which is likely to increase the prices further in the near term, said a manufacturer.
The Indian currency has further depreciated to Rs74.69 against the US dollar which would also make imports costlier. The index for Sponge rose by Rs400/mt to Rs24,500/mt amid shortage of iron ore. Few deals were reported at the index price.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) was flat at Rs25,000/mt del mill, while the index for Sponge iron rose by Rs150/mt to Rs22,950/mt del mill.