Domestic Scrap prices remain stable across the country

SteelMint Indian Scrap Index has declined slightly by 0.08 percent (0.07points) this month beginning and reached to 87.58 points as on April 1^st. Sentiments in the Indian scrap market remains dull on poor trades across country.

Market participants believe that domestic scrap prices are checked by many influencing factors in March like:

·        March end closing

·        Liquidity problem

·        Festival holidays

·        Increase in power prices

However, new financial year commence with new hope in line with extended BIS registrations for Ingot/Billet by 6 months. So there seems some relief from various above constraints/factors. Improvement in HMS1&2 prices can be observed in city like Durgapur to Rs27100-200/MT (Prices Including all taxes). HMS 1&2 domestic prices in Mumbai stand at same level of Rs22500/MT (prices are basic, ED & taxes extra).