The daily Davis Index for HMS 1&2 (80:20) declined by Rs700/mt ($9.42/mt) to Rs23,600/mt ($317.6/mt) del Mandi amid sluggish demand ahead of festivity. Limited trades were reported. The index for sponge iron remained unchanged at Rs25,000/mt with deals concluded at the index price.
In Mumbai, the mills prefer to stock material ahead of Diwali due to ensuing shortage of labour and transport during festivity. The daily Davis Index for HMS 1&2 (80:20) rose by Rs500/mt to Rs25,500/mt del mill, while sponge iron settled flat at Rs23,200/mt del mill.