Indian domestic ferrous scrap prices remained flat on Friday as markets stay closed due to the nation-wide 40-day COVID-19 lockdown.
The daily Davis Index for HMS 1&2 (80:20) del Mandi Gobindgarh remained unchanged at Rs20,150/mt ($263.56/mt). The daily index for sponge iron del Mandi Gobindgarh mill remained unchanged at Rs20,000/mt. In Punjab, all steel mills were closed as the state government imposed a curfew.
Authorities have allowed industries outside cities to resume work with social distancing measures but very few activities have restarted. Business activities are stalled as raw material supply chain is disrupted and shortage of semi-skilled and unskilled labourer has left them with no option other than to wait until the lockdown is completely lifted.
Most sponge iron units across India have shut production due to weak demand and shortage of manpower. Few units have restarted partial operations in Raipur.
In Mumbai, the daily index for HMS 1&2 (80:20) and sponge iron remained unchanged at Rs22,450/mt and Rs17,900/mt, del mill, respectively.