The daily Davis Index for UAE-origin HMS 1&2 (80:20), Tuesday, fell to $463/mt cfr Nhava Sheva, down $3/mt as buyers lowered bids challenged by domestic steel fundamentals.
Steel demand in India is yet to pick up as consumption is expected to take another few weeks to normalize due to the extension of lockdown in Maharashtra until June 15. Domestic scrap prices hover at Rs33,500/mt ($460/mt) delivered Mumbai mill.
Large steelmakers in India are expected to roll over the long product prices for June delivery as demand remains moderate. Major mills are focused on flat production to achieve better realization in the export market. Few mills are likely to raise flat prices by Rs3,000-5,000/mt in early June in-line with the rise in international steel prices.
The index for containerized shredded settled at $503.5/mt cfr Nhava Sheva, down $0.05/mt. The index for US-origin HMS 1&2 (80:20) dropped by $1.75/mt to $480.75/mt cfr Nhava Sheva.
The Daily index for billet and rebar remained flat at Rs42,000/mt and Rs48,200/mt ex-works Mumbai, respectively, on Tuesday.
The Davis Index for containerized shredded, Tuesday, settled at $508.79/mt cfr Indian subcontinent, down $0.02/mt; while that for containerized US-origin HMS 1&2 (80:20) slipped to $486.09/mt cfr Indian subcontinent, down $0.72/mt.