High cost of imported scrap and shortage of Sponge Iron increased domestic scrap price in North India.
Domestic Scrap offers in North India are up by INR 200-300/MT owing to Scrap shortage. Mandi Gobindgarh's Scrap offers increased by INR 500-600/MT in a week's time. Meanwhile, Ingot offers also improved by INR 400/MT on W-o-W basis. Similarly, Ludhiana's Scrap prices went up by INR 400/MT and Ingot by INR 300/MT. At the same time, Alang's ship breaking Scrap offers gain INR 200/MT W-o-W basis and INR 500/MT on M-o-M.
However, some buyers are showing interest in imported Scrap and says it will be available after 10-12 days to fill its shortage in Northern market. At present HMS 1&2 from Dubai is available at USD 340-345/MT (CFR Mumbai, INR 21,400/MT). Imported Scrap prices have gone up by USD 5/MT this week on account of fresh booking from Turkey.
Sponge price in central India has increased by INR 700-900/MT W-o-W and has been trading at INR 20,700-21,000/MT FeM 88 Ex Works Raipur.
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