Domestic ferrous scrap price on Wednesday settled flat in Mandi Gobindgarh.
The daily Davis Index for HMS 1&2 (80:20) settled flat at Rs34,300/mt ($461.45/mt) del Mandi Gobindgarh and the index for sponge iron declined by Rs200/mt to Rs32,800/mt del mills.
Availability of scrap in Mumbai is low and the daily Davis Index for HMS 1&2 (80:20) rose by Rs100/mt to Rs33,600/mt del Mumbai mills and the index for sponge iron rose by Rs200/mt to Rs29,600/mt del mills.
Domestic sales of finished steel are expected to remain under pressure during the rainy season, however, mills want to secure deals in export markets that could support domestic ferrous scrap prices in the near term.
($1=Rs74.33)