INDIA: Bhavnagar Ship cutting and Scrap offers move up by Rs 200-400/MT

Indian ferrous scrap offers moved up by Rs 200-400/MT on improved buying and rising semi finished price in North India. India imported ferrous scrap offer also inched up as USA offer remain firm on increased Turkey buying. However Indian importer are away from the market

Bhavnagar: HMS scrap from ship breaking traded slightly higher at Rs 23,100/MT i.e. up by Rs 300/MT from yesterday trade. Offers for rolling plates Plate cutting scrap have also moved up by up to Rs 200-400/MT. Scrap of 4 ANI plate traded at Rs 24,300-400/MT, 6 ANI at Rs 25,300-400/MT and 12 ANI at Rs 26,800-900/MT.

Sponge Iron offer in Raipur remain at same level of Rs 19000-19100/MT Basic Price (FeM 80). Demand of Finish Long has improved due to limited production and supply gap. Market participant believe price will remain firm in coming days.