SteelMint domestic
Ferrous Scrap Index falls by 0.46% to 91.61 points on Tuesday with limited
buying activities.
Indian ferrous scrap
offers continue to fluctuate in line with the lower buying interest for the
material. No major deals have been closed in past few days.
Ferrous scrap offers
are largely following the overall steel demand at the moment and it might move
accordingly, say experts
Power cut issues in
Hyderabad have kept the scrap demand in check. Prices fell by nearly Rs
2,000/MT in last 2 weeks.
Meanwhile, HMS scrap offered
lower by Rs 300/MT at Rs 25,100/MT in Bhavnagar. Suppliers of rolling plates Plate
cutting scrap offers have also dropped their offers by Rs 200-300/MT. Scrap of
4 ANI plate traded at Rs 25,300/MT, 6 ANI at Rs 26,400/MT and 12 ANI at Rs 27,400/MT.
“No one is interested
to log for bulk quantities due to weak demand for steel products. Prices are
likely to fall further until this situation gets over. Offers for imported
scrap have also dropped which is supporting local offers to fall further”, said
a trader based in Chennai.
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