The Davis Index for UAE-origin HMS 1&2 (80:20), Monday, was at $466/mt cfr Nhava Sheva, down $7/mt from Friday. Steel demand in India, especially that for long products is still under pressure which has impacted scrap prices. Mills thus reduced bids for UAE-origin material.
Many regions in the country have started to work towards easing the lockdown restrictions. But with the Southwest Monsoons expected to reach the Kerala coast in the first week of June, construction activities could slow. Many parts of the country are receiving pre-monsoon showers.
The index for containerized shredded settled at $503.75/mt cfr Nhava Sheva, down $3.75/mt from Friday. Unable to pass on the input costs to end-users amid weakened sentiment in the steel markets, many mills were unwilling to accept present offer levels.
The index for US-origin HMS 1&2 (80:20) dropped by $1.25/mt to $482.5/mt cfr Nhava Sheva. Offers for the grade from the US were unchanged in the range of $485-490/mt cfr, but mills stayed away from these prices in a weak domestic market.
The Davis Index for containerized shredded, Monday, settled at $508.81/mt cfr Indian subcontinent, down by $2.50/mt; while that for containerized US-origin HMS 1&2 (80:20) settled at $486.81/mt cfr Indian subcontinent, down $1.41/mt from Friday.