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

Domestic ferrous scrap prices settled flat in Mandi Gobindgarh and rose in Mumbai on Wednesday. Demand from finished steel makers was on a gradual uptrend as the supply of scrap remained limited which kept prices firm.


The daily Davis Index for HMS 1&2 (80:20) rose by Rs300/mt($4.04/mt) to Rs35,000/mt del Mumbai mills and the index for sponge iron declined by Rs600/mt to Rs30,700/mt del mills amid a fall in input cost.


Markets in the North saw firm demand from ingot makers while few mills procured material on a need basis. Scrap suppliers kept their offers unchanged on Wednesday to boost trades. The daily Davis Index for HMS 1&2 (80:20) settled flat at Rs35,600/mt del Mandi Gobindgarh and the index for sponge iron also remained unchanged at Rs35,400/mt del mills.


Market participants believed ferrous scrap prices could strengthen in the near term as the scarcity of local scrap continues to widen. 


($1= Rs74.24)

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