Indian Scrap prices have witnessed a downfall of INR 1,500/MT in a month’s time. Alang Scrap prices are hovering in the range of INR 26,100-26,200/MT.
Approaching monsoon, slowdown in finished steel demand and power cut problem in few regions are the reasons that have triggered downtrend in Scrap prices across the country. Prices in Alang (Gujarat), one of the largest shipping yard in the world, have declined by INR 1,000-1,100/MT M-o-M. It is gleaned from the sources that prices may witness further decline on the back of sluggish demand for finish products especially TMT.
Scrap prices have witnessed a downfall across the country. Offers in Chennai are at INR 24,500/MT; down by INR 1,600/MT from previous levels, while offers in Durgapur & Raipur have came down by INR 600/MT and being offered at INR 25,750 & INR 24,400/MT respectively.
A trader based in Alang (Gujarat) said-
[su_quote]Scrap prices may witness correction in near term as demand for semi finish and finished products are poor at this juncture. Any demand in finished products may be seen post monsoon.[/su_quote]
SteelMint while speaking to few semis (Ingot/Billet) manufacturers have heard that there is production cut across some major trading regions, in addition to this pressure on Ingot/Billet sales may lead to correction of scrap prices in the near future.
Note: All prices mentioned above are basic.
Price Trend of Alang Scrap
Leave a Reply