Domestic ferrous scrap prices in Mumbai inched up but stayed unchanged in Mandi Gobindgarh on Wednesday.
In Mumbai, the daily Davis Index for HMS 1&2 (80:20) and Sponge iron rose by Rs200/mt ($2.71/mt) to Rs24,000/mt ($325.85/mt) delivered mill and Rs21,000/mt delivered mill, respectively. Finished steel, particularly, rebar prices increased by Rs100/mt in the market. But trades thinned at those price levels. Demand from the auto sector for steel plates has gained momentum with rising vehicle bookings during the ongoing Navratri festival. But rebar demand is expected to revive at a slow pace.
The index for HMS 1&2 (80:20) settled unchanged at Rs22,800/mt delivered mill, and the index for Sponge iron increased by Rs100/mt. Despite a moderate demand for steel raw material, logistical issues hampered trades. Farmers in Punjab protesting over the central government’s farm bill are refusing to ease rail blockades, resulting in a rise in road freight charges.