Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Domestic ferrous scrap prices trended up on tight supply and firm demand from mills in the Western and Northern regions of India.

The daily Davis Index for HMS 1&2 (80:20) rose by Rs300/mt ($4.08/mt) to Rs36,800/mt del Mumbai mills and the index for sponge iron rose by Rs900/mt to Rs31,100/mt ex-Alang, amid increase in domestic and international iron ore prices.

 

Plagued by shortage of oxygen cylinders, mills in the North were buying on a need basis, only to complete production targets. 

The daily Davis Index for HMS 1&2 (80:20) rose by Rs200/mt to Rs38,000/mt del Mandi Gobindgarh and the index for sponge iron settled flat at Rs33,000/mt del mills.

 

Market participants expect finished steel prices to increase further in the near-term as domestic steel prices are less than international prices. 

($1=Rs73.4)

 

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