In Mumbai, the daily Davis Index for HMS 1&2 (80:20) rose by Rs500/mt ($6.72/mt) to Rs32,500/mt ($437.11/mt) del mill, fuelled by low availability of scrap. Market sentiment, however, is affected due to a partial lockdown in Mumbai. There is a fear of stricter lockdown in the coming days. Mills are thus buying on need basis. The index for Sponge iron settled flat at Rs29,700/mt del mill, with limited transactions reported.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) declined by Rs300/mt to Rs34,950/mt del mill amid weak demand for finished steel. Mills have adopted a wait-and-watch approach as they stare at a stringent lockdown. The index for Sponge iron remained unchanged at Rs31,100/mt del mill amid limited buying.