Domestic ferrous scrap prices remained mixed on Thursday. Scrap prices remained flat in Chennai, and Jaipur while they increased in Mumbai, Mandi Gobindgarh and Durgapur due to low availability of scrap. HMS 1&2 (80:20) prices declined in Jalna and Hyderabad as demand remained low and sales weakened. Indore witnessed healthy to moderate sales at lower prices.
The daily Davis Index for HMS 1&2 (80:20) increased by Rs100/mt to Rs34,600/mt ($474.29) del Mumbai mills and the index for sponge iron remained flat at Rs30,000/mt del mills.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) increased by Rs300/mt to Rs35,000/mt del mills and the index for sponge iron remained flat at Rs34,100/mt del Mandi mills.
In Durgapur, the bi-weekly Davis Index for HMS 1&2 (80:20) surged by Rs1,000/mt to Rs36,000/mt del mills due to limited availability of scrap. Suppliers raised offers as mills bought scrap to finish their daily production target. The index for sponge iron remained flat at Rs29,000/mt del Durgapur mills.
The bi-weekly Davis Index for HMS 1&2 (80:20) in Chennai, remained flat at Rs33,000/mt del mills while the index for sponge iron declined by Rs300/mt to Rs29,600/mt del mills.
Similarly, the bi-weekly Davis Index for HMS 1&2 (80:20) remained flat at Rs35,700/mt del Jaipur mills while the index for sponge iron also remained unchanged at Rs35,700/mt del mills.
The daily Davis Index for HMS 1&2 (80:20) declined by Rs225/mt to Rs35,300/mt del Jalna mills and the index for sponge iron declined by Rs500/mt to Rs31,900/mt del mills as TMT sales declined and mills stayed away from purchases.
Sales in Indore were healthy at reduced rates, the bi-weekly Davis Index for HMS 1&2 (80:20) declined by Rs500/mt to Rs35200/mt del mills and the index for sponge iron fell by Rs200/mt to Rs31,800/mt del mills.
In Hyderabad, the bi-weekly Davis Index for HMS 1&2 (80:20) plunged by Rs1,300/mt to Rs32,200/mt del mills and the index for sponge also declined by Rs300/mt to Rs29,000/mt del mills. This decline could be attributed to low demand and scarce sales. Prices are unlikely to increase in the short term, said market participants.
($1=Rs74.21)