SteelMint Indian Scrap
Index rise by 0.47 percent on Wednesday and reaches 89.37 points in line with
the hike in scrap offers in Mandi Gobindgarh.
Ferrous scrap prices
in Punjab surge on the shortage of the material. Prices in Mandi Gobindgarh have moved up by Rs 400/MT on Wednesday. HMS (80:20) traded
at Rs 28,200/MT and it is reported that it might touch the Rs 28,500/MT mark by
the end of the day.
“Scrap prices are
increasing drastically as there is a shortage of material in the market. Sellers
are expecting at Rs 28,500/MT for trades. Though buyers are unwilling to go
beyond Rs 28,000/MT, prices might move up to Rs 28,500/MT”, said a major steel
maker based in Mandi Gobindgarh.
Meanwhile, HMS scrap
from ship breaking traded slightly lower at Rs 23,500/MT i.e. dropped by Rs 100/MT
from previous trade. Offers for rolling plates Plate cutting scrap have also reduced
by up to Rs 200/MT. Scrap of 4 ANI plate traded at Rs 23,800/MT, 6 ANI at Rs 25,100/MT
and 12 ANI at Rs 26,100-200/MT.
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