Domestic ferrous scrap prices registered an uptick on Saturday. Prices since then have been unchanged.
The Davis Index for HMS 1&2 (80:20) rose by Rs100/mt ($1.33/mt) to Rs24,100/mt ($321.87/mt) del Mumbai mill amid thin trades. The index for sponge iron also rose by Rs250/mt to Rs21,750/mt del mill. Iron ore prices are still bullish which has kept sponge iron prices on higher levels.
In the Mandi Gobindgarh, a rise in ingot prices gave ferrous scrap a lift. The index HMS 1&2 (80:20) rose by Rs350/mt to Rs23,450/mt del mill. The index for sponge iron surged by Rs1,000/mt to Rs23,000/mt del mill.