The daily Davis Index for HMS 1&2 (80:20) rose by Rs400/mt ($5.46/mt) to Rs34,150/mt ($466.83/mt) del Mandi Gobindgarh mill amid a persisting shortage of domestic material and strengthened global cues. Suppliers refused to reduce offers. Demand for finished steel, however, remains sluggish. Asking prices for Sponge iron rose by Rs400/mt to Rs29,700/mt del mill. Suppliers raised their offer prices following the bullishness in the scrap market.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) rose by Rs300/mt to Rs30,800/mt delivered mill, also on a supply crunch. Elevated freight rates also gave prices a lift. Mills in Mumbai reported a steady demand for finished steel for the past few days, which is expected to continue into April. The index for Sponge iron settled unchanged at Rs28,000/mt del mill amid limited deals at the current price level. But on Wednesday, mills largely stayed away from bookings as they focused on closing their books for the financial year. Trades are expected to pick-up on Thursday.