Thursday, August 11,
Scrap prices remained stable despite high volatility in steel market. Demand from western India stays strong on low availability of sponge iron in the market.
Ferrous Scrap at Mandi Govindgarh traded at Rs 25700-25900/ton (incl all) , up by Rs 300-400/ton from previous trade. Where as Raipur was quoted at Rs 26000/ton (inc all).
However manufacturers are cautious buying on fluctuating steel prices, whereas traders are unwilling to reduce prices and want to capitalize on scarcity of raw materials like iron ore and sponge iron.
Imported scrap prices also noticed weakness due to seasonality slowdown and stoppage of transportation activities in the coming 3 days.
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