SteelMint domestic
Ferrous Scrap index continued its downward trend from last week and reaches 91.26
points in line with poor demand in the market.
Buyers are entirely out
of the market due to poor steel demand across India. Offers for Indian ferrous
scrap fall by up to Rs 500/MT on Wednesday. Falling Ingot and Re bar prices
have also pulled the scrap prices down.
Further, HMS scrap in
Bhavnagar traded at Rs 24,800/MT i.e. down by Rs 200/MT from last trades. Suppliers
of rolling plates Scrap in Bhavnagar have also reduced their offers by Rs 300-400/MT.
Scrap of 4 ANI plate traded at Rs 25,000/MT, 6 ANI at Rs 25,600/MT and 12 ANI
at Rs 26,500/MT.
In addition, HMS
(80:20) in Mandi Gobindgarh traded lower at Rs 29,600/MT i.e. down by Rs 300/MT
from previous trade price. However MS Ingot traded at Rs 34,000/MT.
“We are bound to
reduce our prices as buyers are nowhere in the market. Steel manufacturers are
in no hurry in restocking the scrap. Offers may go down further if this
condition exists in the market”, said a trader based in Jalna.
“Domestic market is
largely following the imported scrap market scenario at the moment. Prices may
fall further in line with the correction in imported scrap prices (As Rupee is
getting stronger against Dollar in currency market)”, said an importer based in
Kandla
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