The daily Davis Index for HMS 1&2 (80:20) rose by Rs800/mt ($10.98/mt) to Rs29,100/mt ($399.40/mt) del Mandi Gobindgarh mill amid shortage of domestic supply. The index for Sponge iron rose by Rs350/mt to Rs25,200/mt del mill with limited buyings. Sponge manufacturers are reluctant to lower offers anticipating demand to rise in the near term.
In Mumbai, the scenario was no different. The daily Davis Index for HMS 1&2 (80:20) rose by Rs500/mt to Rs27,250/mt del Mumbai mill. The index for Sponge iron rose by Rs600/mt to Rs24,400/mt del mill amid steady demand. Sponge manufacturers expect the demand for finished steel to pick-up soon.