Bhavnagar ship breaking HMS scrap prices open at a lower side. Prices went down by Rs 200/MT in the early trade as HMS offer at Rs 23,100/MT (Basic Price, ED & Taxes extra).
Rolling plate cutting scrap suppliers have also reduced their offers by up to Rs 100-200/MT on thin buying interest. Scrap of 4 ANI plate traded at Rs 24,700/MT, 6 ANI at Rs 25,800/MT and 12 ANI at Rs 27,000/MT.
Falling demand of finish long and rebar prices in North India is a primary reason, price might fall further by Rs 200-300/MT in near term said market participant.
Dubai Imported scrap offer of HMS 1&2 CFR Mumbai also fall down by $5-10/MT due to weakening rupee, however buyer still remain away from the market.
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