SteelMint domestic
Ferrous Scrap Index continues to move southwards and reaches as low as 89.09 points
on Monday, down by 0.34% on falling steel demand.
Lower buying interest from steelmakers and seasonal slowdown in the market have kept Indian ferrous scrap offers under
pressure.
“Falling steel demand
specially in finished sector is the main reason that prices are coming down.
Buyers are out of the market, only few transactions are happening on immediate
demand”, said a major scrap supplier in Mumbai.
Meanwhile, HMS scrap
from ship breaking traded same at Rs 24,300-400/MT from last week in Bhavnagar.
However, suppliers of rolling plates Plate cutting scrap have raised their offers
marginally by Rs 100/MT. Scrap of 4 ANI plate traded at Rs 24,600/MT, 6 ANI at
Rs 25,700-800/MT and 12 ANI at Rs 26,900/MT.
Offers for HMS (80:20) in Mandi Gobindgarh
dropped slightly to Rs 28,900/MT (-100/MT) from last week. MS Ingot traded at
Rs 33,400/MT in Mandi Gobindgarh.
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