Domestic ferrous scrap prices remained mixed on Thursday amid low demand from the finished steel makers. Availability of ferrous scrap is still low, which helped recyclers raise HMS prices in a few regions.
The daily Davis Index for HMS 1&2 (80:20) settled flat to Rs24,200/mt ($329.43/mt) del Mumbai mills, the index for sponge iron declined by Rs50/mt to Rs20,350/mt del Mumbai.
Mills refrained from buying raw materials as demand from end-users is yet to pick up, the index for HMS 1&2 (80:20) declined by Rs100/mt to Rs23,900/mt del Jaipur, the index for sponge iron declined by Rs250/mt to Rs22,300/mt del Jaipur.
Markets in the North were firm on Thursday, the daily Davis Index for HMS 1&2 (80:20) rose by Rs100/mt to Rs22,600/mt del Mandi Gobindgarh. The index for Sponge iron settled flat at Rs22,900/mt del Mandi mills.
In the South, the index for HMS 1&2 (80:20) rose by Rs500/mt to Rs24,000/mt del Chennai mills. Few trades were heard at the index price. The index for Sponge iron fell by Rs200/mt to Rs20,500/mt del Chennai mills.
The bi-weekly index for HMS 1&2 (80:20) rose by Rs700/mt to Rs25,000/mt del Durgapur, trades were reported at the index price. The index for Sponge iron rose by Rs100/mt to Rs21,000/mt del Durgapur
Overall demand for finished steel is low in the domestic market, but traders are optimistic and are expecting prices to improve in the coming weeks as demand from the auto segment is expected to pick up and construction activities would also resume post-monsoon.
The bi-weekly index for HMS 1&2 (80:20) rose by Rs500/mt to Rs25,450/mt del Raipur mills, and the index for Sponge iron fell by Rs100/mt to Rs20000/mt del Raipur.