Sponge iron prices in the Indian domestic market fell by Rs800-1,000/mt on Thursday amid subdued demand.
In Mandi Gobindgarh, the daily Davis Index for HMS 1&2 (80:20) increased by Rs 100/mt ($1.32/mt) to Rs21,000/mt ($277.90/mt) del mills. The daily index for sponge iron fell by Rs200/mt to Rs20,200/mt del mills.
Sponge iron prices in Bellary fell on Tuesday on the back of weak demand and manufacturers opted to clear piled-up inventory. These sellers reduced their offers for mills in parts of India where the activity is returning to usual levels.
In Chennai, the bi-weekly index for HMS 1&2 (80:20) increased by Rs275/mt to Rs21,025/mt del mills and the index for sponge iron dropped by Rs1,000/mt to Rs16,500/mt del Chennai from Tuesday.
In Goa, the bi-weekly index for HMS1&2 (80:20) increased by Rs50/mt to Rs20,500/mt del mill. The index for sponge iron dropped by Rs1,150/mt to Rs16,600/mt del mills. Trades were heard at the index price.
In Durgapur, the bi-weekly index for HMS 1&2 (80:20) remained unchanged at Rs22,500/mt del mills and the index for sponge iron declined by Rs450/mt to Rs17,050/mt del mills.
In Mumbai, mills have gradually re-started operations after the government eased lockdown restrictions and permitted inter-state movement of trucks. The daily index for HMS 1&2 (80:20) increased by Rs275/mt to Rs21,050/mt del mills and the index for sponge iron declined by Rs200/mt to Rs16,900/mt del mills.