SteelMint Indian Scrap
Index steps down by 0.63 percent (0.57 points) on Saturday to reach 89.61
points.
Offers for HMS (80:20)
across Tamil Nadu have fallen to their lowest levels since 2007 when prices
touched the 21,000-21,500/MT mark. Ferrous scrap offers in Chennai fall sharply
this month to reach 5 Years low at Rs 21,500/MT (high sea sale basis).
Power cut issues and
slowdown in the infrastructure development have hit the steel market in the
region. Steel makers are out of the market. Scrap buyers are not willing to
hold positions in the market as well, sources told SteelMint.
“This is the lowest
levels we have seen earlier in the year 2007. Steel mills are nowhere to book
the material owing to the slowdown in the steel production and slower rate of infrastructure
development activities”, another market source said.
However, demand in
other regions including Central India and Maharashtra is fairly better. A major
steel manufacturer based in Mumbai has booked a mixed lot of HMS (80:20) &
shredded scrap at $408/MT CFR Nhava Sheva Mumbai
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