SteelMint Indian Scrap Index has
declined by 0.93 percent (0.81 points) this month and reached to 85.21 points
on Tuesday. Sentiments in the Indian scrap market remains dull on poor trades
across country.
Demand
in the domestic market for scrap continues to remain dull owing to the lower
buying interest in semi finished and finished products sector. Mills are not in
the hurry to book material as they have enough stock with them. Prices remain
at same levels from last week
“There
is nothing much in the scrap market and its prices and it is likely to remain
at the same levels this month. Imported scrap transactions have also become low
due to weakening Rupee. Buyers stay out of the market in anticipation of
further price reduction”, says a major scrap supplier in Mumbai.
Still,
domestic scrap is lower by Rs 1,000-1,500/MT comparatively with overseas
material. But there are very few buyers in the domestic market as well and
buying hand to mouth level.
HMS
(80:20) is being transacted at Rs 24,700/MT Ex mills Mumbai (including all
taxes) and HMS 1 at Rs 25,200/MT (including all taxes). However, in the southern
region of the country, HMS scrap offers are hovering at Rs 22,500-23,000/MT Ex
mills (Basic prices, ED & VAT extra), same from last month.
Meanwhile,
ship recycling scrap offers remain unchanged from last week. HMS traded at Rs 23,200/MT.
Offers for rolling plate cutting scrap also remain at same levels. Scrap of 4
ANI plate traded at Rs 24,500/MT, 6 ANI at Rs 25,500/MT and 12 ANI at Rs 26,700/MT.
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