In Bhavnagar, Asia's largest shipping cutting market, HMS and ship breaking scrap traded slightly lower at Rs 22,700/MT i.e. down by Rs 200/MT from previous trade. Offers for rolling plates Plate cutting scrap have also fall by Rs 100-200/MT. Scrap of 4 ANI plate traded at Rs 23,500/MT, 8 ANI at Rs25,400/MT and 12 ANI at Rs 26,300/MT.
Market participants highlight that fall in re-bar prices in secondary market across India have reduced buying interest for re-rolling plates and HMS scrap.
HMS 80:20 Scrap prices in Mumbai stands at Rs 22,500-600/MT (Basic), Chennai at Rs 23,500/MT (Basic) and Mandi Gobindagrh is around Rs 24,400-500 (Basic).
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