SteelMint domestic
Ferrous Scrap Index steps up by 0.88 percent this week to reach 88.35 points on
Saturday. Indian scrap offers seem to have bottomed out, say experts.
Ferrous scrap offers in Chennai continued to
remain flat from last 2 weeks as suppliers are unwilling to drop their prices due
to liquidity problem. HMS (80:20) offered at Rs 24,500/MT (basic price, ED and
Taxes extra).
Ferrous scrap demand in Northern region
remains subdued on power cut issues. HMS (80:20) traded same at Rs 27,500/MT in
Mandi Gobindgarh from previous trades.
However, HMS scrap
from ship breaking traded higher at Rs 23,700/MT in Bhavnagar i.e. up by Rs 300/MT
from previous trade. Offers for rolling plates Plate cutting scrap have also moved
up by Rs 200-400/MT. Scrap of 4 ANI plate traded at Rs 23,900/MT, 6 ANI at Rs 25,000/MT
and 12 ANI at Rs 26,200/MT.
“Though buyers are asking for Rs 500-1,000/MT
discounts, scrap suppliers are hesitant to cut the offers. Liquidity problem is
still there in the market and scrap prices are likely to remain at the current level”,
said a trader in Chennai.
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