SteelMint domestic
Ferrous Scrap Index inched up to reach 91.86 points i.e. up by 0.46% this week
despite sluggish trading activities.
There were no major changes
in Indian ferrous scrap prices this week except few places like Hyderabad,
Mumbai and Jalna. Buying activities continued to remain poor. Meanwhile, market
sources expect price to come down in the coming days.
Further, HMS scrap
suppliers in Bhavnagar have also made no major changes in their offers on
Saturday from their last trade offers. HMS traded marginally lower by Rs 100/MT
at Rs 25,200/MT. Suppliers of rolling plates Plate cutting scrap offers have also
dropped their offers by Rs 100-200/MT. Scrap of 4 ANI plate traded at Rs 25,400/MT,
6 ANI at Rs 26,400/MT and 12 ANI at Rs 27,500/MT.
According to an Ingot
manufacturer based in Mumbai, “Demand for the finished material is yet to
revive. It has also lowered the demand for MS Ingot and Scrap.”
“Prices are likely to
come down further as there are no major buyers for the material. Offers still
to find bottom”, said a trader based in Raipur.
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