Major Indian markets, including Chennai, Jaipur, Hyderabad were closed on Thursday due to the harvest festival of Makar Sankranti.
The daily Davis Index for HMS 1&2 (80:20) and Sponge iron settled unchanged at Rs27,850/mt ($381.32/mt) and Rs27,900/mt ($382/mt) del Mandi Gobindgarh mill, respectively. In Mumbai, the daily Davis Index for HMS 1&2 (80:20) and Sponge iron remained unchanged at Rs27,850/mt and Rs27,900/mt del mill, respectively. Both the markets were silent due to the festival.
The bi-weekly index for HMS 1&2 (80:20) rose by Rs300/mt from Tuesday to Rs30,425/mt del Goa mill on Thursday due to moderate demand. Buyers lowered their resistance as inventories have started to dip. Sponge iron prices are unviable for most buyers, who either stayed away from buying or negotiated for lower prices. As a result, the index for Sponge iron declined by Rs650/mt to Rs26,650/mt del mill, from Tuesday. Lowered bids were unacceptable for some sellers who thus opted out from the market.
Shipbreaking yards in Alang were also closed as Makar Sankranti is a major holiday in Gujarat.