SteelMint domestic
Ferrous Scrap Index reaches all time low at 90.00 points on Thursday, down by 1.30%
on thin trading volumes.
Indian ferrous scrap
offers have seen a steep correction on Thursday. Falling steel demand and
liquidity crunch in the market have pulled the scrap prices down by up to Rs
500/MT in major places like Mumbai, Raipur and Alang.
Further, HMS scrap offers
in Bhavnagar went down sharply by Rs 500/MT, traded at Rs 24,500/MT. Suppliers
of rolling plates Plate cutting scrap offers have also dropped their offers by
Rs 300-500/MT. Scrap of 4 ANI plate traded at Rs 25,000/MT, 6 ANI at Rs 26,000/MT
and 12 ANI at Rs 27,100/MT.
According to a market
source, “We might see some further correction in the prices as market seems to
be very unpredictable. Demand for the material falling day by day due to lower
steel demand in semi finished and finished sector.”
“We have sufficient
stock with us in line with the imported scrap (which was booked earlier). But
lower demand has prompted us to reduce the offers, commented a big trader in
Jalna.
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