Activity in the Mumbai market has started gaining momentum after the government eased some of its restrictions. Domestic ferrous scrap prices in the city increased amid supply crunch. Only a few trades were reported.
The Davis Index for HMS 1&2 (80:20) rose by Rs100/mt from Friday to Rs21,300/mt del Mumbai mills on Monday. The index for sponge iron remained unchanged at Rs16,900/mt del Mumbai mills. Trades were heard at the index price.
In Mandi Gobindgarh, the indexes for HMS 1&2 (80:20) and sponge iron remained unchanged at Rs21,400/mt ($283.48/mt) and Rs20,200/mt delivered mills, respectively.
Mills have been focussing on exports until the domestic demand picks up. India’s May exports rose by 75.9pc to 1.713mn mt and are likely to increase further. This could push demand for raw material in the near term.
($1= Rs 75.48)