In Mumbai, the daily Davis Index for HMS 1&2 (80:20) fell by Rs1,350/mt ($18.43/mt) to Rs28,500/mt ($389.26/mt) del mill amid sluggish demand for finished steel. Weak global cues also dragged the prices down. The price for HMS 1&2 (80:20) dropped by $0.50/mt on Friday to $464/mt, compared to Thursday. Sellers reduced offers for domestic scrap to encourage sales, but buyers anticipate a further fall in prices in the coming few days and are cautiously buying. The offers for Sponge iron declined by Rs200 to Rs27,150/mt del milamid slow demand.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) dropped by Rs800/mt to Rs30,900/mt del mill. The Sponge manufacturers also lowered the offers, but limited buying was reported. The index for Sponge iron fell by Rs500/mt to Rs27,600/mt del mill.