SteelMint Indian Scrap
Index has declined by 0.43 percent this week and reaches 90.56 points on Saturday.
Indian scrap buyers
remain calm in the ferrous scrap market. Lower activities in steel industry
have also kept the scrap demand in check. No major deals have been heard closed
this week.
Scrap offers in Maharashtra
(India) region have declined sharply due to falling demand. Scrap prices
dropped by Rs 500-700/MT this week.
It was reported that
scrap material is reaching from other states including Karnataka and Andhra
Pradesh (as there are power cut issues and scrap demand is absent) in improved
quantity. It has made the scrap cheaper in the market.
Ship breaking Scrap
offers in Bhavnagar have also opened at lower side. HMS traded at Rs 24,000/MT (Basic
Price, ED & Taxes extra), down by Rs 200-300/MT from previous trades.
Meanwhile, rolling plate
cutting scrap suppliers have also reduced their offers by 200/MT for all
grades. Scrap of 4 ANI plate traded at Rs 24,800/MT, 6 ANI at Rs 25,700/MT and
12 ANI at Rs 27,100/MT.
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