Indian domestic ferrous scrap prices remained flat on Friday amid thinned trading.
The daily Davis Index for HMS 1&2 (80:20) fell by Rs50/mt and settled at Rs22,750/mt ($318.8/mt) del Mumbai mills. Traders faced liquidity crunch and stayed away from buying activity. The daily index for sponge iron remained unchanged at Rs20,350/mt.
In the North, the index for HMS 1&2 (80:20) fell by Rs50/mt to Rs22,250/mt del Mandi Gobindgarh. Steel mills held enough inventories and were not willing to stock more as demand for finished steel slowed down. Steelmakers believe demand is likely to increase once infrastructural projects announced by the government commence. The index for sponge iron declined by Rs225/mt to Rs21,950/mt del Mandi Gobindgarh
Traders expect ferrous scrap prices to remain under downward pressure even in the coming week.