Indian domestic ferrous scrap prices were flat to down this week as markets were silent due to the rising COVID-19 cases in India. Trades were few with logistics in the country hampered. With many stock and commodity markets across the world registering a steep decline, market sentiment turned negative.
In Mumbai, the daily index for sponge iron fell by Rs50/mt to Rs18,800/mt ($250.33/mt) del mills and the index for HMS 1&2 (80:20) settled unchanged at Rs22,450/mt del mills.
In Mandi Gobindgarh, the index for sponge iron fell by Rs137/mt to Rs19,738/mt del mills and index for HMS 1&2 (80:20) fell by Rs164/mt to Rs19,750/mt. No transactions were heard.
The index for HMS 1&2 (80:20) fell by Rs1,000/mt to Rs21,000/mt del Goa and the index for sponge iron fell by Rs708/mt to Rs17,000/mt del Goa.Manufacturers state trades are expected to halt till the month end, with the government restricting movement.
The index for HMS 1&2 (80:20) fell by Rs400/mt to Rs22,050/mt del Raipur and Index for sponge iron fell by Rs525/mt to Rs16,850/mt del Raipur.
The index for HMS 1&2(80:20) in Jalna fell by Rs500/mt to Rs21,450/mt del mills and index for sponge iron fell by Rs200/mt to Rs19,550/mt del mill.
The bi-weekly index for HMS 1&2 (80:20) settled unchanged at Rs21,000/mt del Chennai and index for sponge iron settled unchanged at Rs18,800/mt del Chennai. Markets in the city will stay shut for the next 10 days as the administration tries to contain the spread of COVID-19.