SteelMint domestic
Ferrous Scrap index reaches 93.33 points in line with falling scrap prices.
Buyers have shown some
interest to book the material as Indian scrap offers fall on Friday including
Bhavnagar. Prices dropped by up to Rs 500/MT.
However, HMS scrap in
Bhavnagar traded higher by Rs 100/MT on Friday at Rs 25,300/MT. Suppliers of
rolling plates Scrap in Bhavnagar have also raised their offers by Rs 100/MT. Scrap
of 4 ANI plate traded at Rs 25,400/MT, 6 ANI at Rs 26,100/MT and 12 ANI at Rs 27,000/MT.
In addition, HMS
(80:20) offered slightly lower at Rs 30,200/MT in Mandi Gobindgarh i.e. down by
Rs 100/MT. Whereas, MS Ingot traded at Rs 34,650-34,700/MT.
“Demand is fairly
better in the region at the moment. Buyers are coming to the market after
falling prices. We are able to sold around 7,000-8,000 MT of scrap everyday now
and prices in the coming weeks are likely to stabilize at the current level”,
said a trader based in Alang.
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