Domestic ferrous scrap prices in India recovered on Tuesday with most regions recording an uptick in prices. Traders continued to strike in the benchmark Mandi Gobindgarh market and most sellers refused to offer any material.
In Mumbai, rising COVID-19 cases have dampened sentiment. As a result, the daily Davis Index for HMS 1&2 (80:20) settled flat at Rs29,800/mt ($411.33/mt) del Mumbai mills and the index for Sponge iron declined by Rs100/mt ($1.38/mt) to Rs26,200/mt ($36159/mt) del Mumbai mills.
Despite Maharashtra dealing with the re-emergence of the pandemic, demand for finished steel in Jalna is firm. Mills focussed on purchases of local scrap. The bi-weekly index for HMS 1&2 (80:20) rose by Rs500/mt to Rs30500/mt del Jalna mills. Demand for finished steel is firm in Jalna and mills are trying to procure raw material from the local market due to its feasibility
In other markets, the bi-weekly index for HMS 1&2 (80:20) rose by Rs400/mt from last Thursday to Rs29,100/mt del Hyderabad mill; while the index for Sponge iron increased by Rs400/mt to Rs26,000/mt del mill. In Jaipur, the bi-weekly index for HMS 1&2 (80:20) rose by Rs400/mt from last Thursday to Rs31,100/mt del mill; while the index for Sponge iron fell by Rs250/mt to Rs29,750/mt del mill.