The domestic ferrous scrap market in Mumbai and Mandi Gobindgarh were unchanged as the week opened. Amid thin trades, the Davis Indexes for HMS 1&2 (80:20) settled flat from Friday at Rs23,800/mt ($324.52/mt) del Mumbai mill and Rs22,600/mt ($308.15/mt) del Mandi Gobingarh mill. The index for Sponge iron fell by Rs200/mt to Rs20,700/mt del Mumbai mill and rose by Rs100/mt to Rs22,200/mt del Mandi Gobindgarh mill.
In the steel market, state-owned steelmaker RINL hiked wire rod and round steel prices by Rs500/mt for the rest of October. This is the second price hike by the company in a month. The raise, however, failed to lift prices in the two markets. With infrastructure and construction activities still slow, rebar prices, however, were kept unchanged.
In parts of India, especially Maharashtra, rains hampered trades.