SteelMint Indian Scrap
Index shows no change on Friday and stay at 89.82 points as market participants
stay out of the market on account of Janmashtmi (a festival in India) in most
of the regions of India.
Ferrous scrap prices
in Punjab move up slightly on the new e-bill system for scrap trading. Offers
move up by Rs 200/MT for HMS & End Cutting. Secondary steel makers have
gone to the strike on the matter this week but accepted the new e-billing
policy.
Earlier ferrous scrap
in Mandi Gobindgarh and Ludhiana were being traded without invoice. But
according to the new e-bill system, one has to purchase the material through tax
invoice only. According to the new e-bill system, Excise duty i.e. 12.36
percent and state Vat i.e. 4.4 percent will be applicable on the basic price of
the material.
Currently, HMS is offered
at Rs 28,500-700 (Including Excise, Vat extra) from the previous trade price
i.e. 28,500/MT (Including All).
Meanwhile, prices remain unchanged across India for ferrous scrap on Friday. Most of the
scrap markets in India were closed on account of Janmashtmi (a festival in India)
including Gujarat and few Maharashtra regions.
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