Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Indian domestic ferrous scrap prices remained unchanged on Friday as the lockdown continues till April 14. The daily Davis Index for HMS 1&2 (80:20) Rs20,150/mt ($267.8/mt) del Mandi Gobindgarh. The daily index for sponge iron remained unchanged at Rs20,000/mt del Mandi Gobindgarh. 


The Reserve Bank of India (RBI) has announced a 75 basis points cut in its repo rate to 4.4pc from the previous 5.15pc to cushion further blow to country’s economy due to the COVID-19 outbreak. This move is likely to generate cash flow in the market by helping the private sector borrow funds at lower interest rates. The RBI has allowed banks to offer a three-month moratorium on all loans outstanding from March 1 to May 31, 2020


In Mumbai, mills continue to remain shut. The daily index for HMS 1&2 (80:20) settled flat at Rs22,450/mt del mills and the index for sponge iron remained unchanged at Rs17,900/mt del mills.


($1= Rs75.23)


Leave a Reply

Your email address will not be published.