In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) rose by Rs525/mt ($7.19/mt) to Rs31,275/mt ($428.67/mt) del mill amid supply shortage in the domestic market.
Rising prices have prevented traders in Mandi Gobindgarh to go for imported scrap. The daily index for P&S rose by Rs700/mt to Rs32,700/mt while the index for Sponge iron settled flat at Rs27,600/mt del mill. Limited deals were reported as buyers found the prices unviable.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) and Sponge iron settled flat at Rs28,000/mt and Rs26,600/mt del mill, respectively, with thin trades. The mills indicated uncertainty over price direction.