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

Domestic ferrous scrap prices further declined in India on Wednesday amid low demand from the secondary mills.


The daily Davis Index for HMS 1&2 (80:20) declined by Rs200/mt ($2.72/mt) to Rs23,300/mt del Mumbai mills, overall trades were low as mills refrained from buying raw materials. The index for sponge iron was flat at Rs19,700/mt del Mumbai mills.


Markets in the North also followed a similar trend as demand from mills remained subdued and trades were comparatively low. Mill owners were concerned with the increase in number of COVID-19 cases and shortage of oxygen which is slowing the production activity.


The daily Davis Index for HMS 1&2 (80:20) declined by Rs100/mt to Rs22,000/mt del Mandi Gobindgarh, the index for ingot has also shown a dip of Rs250/mt to Rs32,400/mt del mills. The daily Davis Index for sponge iron declined by Rs100/mt to Rs22,100/mt del Mandi Gobindgarh.


Traders are expecting prices to remain under pressure till demand from the end-users goes up. Imported scrap price are also likely to decline amid weak demand in the country.




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