SteelMint
domestic Ferrous Scrap index rise sharply to reach 97.40 point on short supply
of the material in major places like Mandi Gobindgarh and Alang. Market sources
anticipate the further rise in prices on limited supply of the domestic material
coupled with less imported cargoes.
Domestic
Ferrous Scrap prices rise sharply by over Rs 1,000/MT on Wednesday. With short
supply of the local material amid less imported cargoes, domestic Scrap
suppliers expect prices to move up further in the coming weeks.
“Prices are likely to
pick up in the days to come on Dollar fluctuation. Less imported cargoes will
restrict the sufficient supply of the material and it might push up the local
prices high”, a trader based in Alang said.
“Ferrous Scrap importers
are entirely out of the market due to high Dollar value and it will support domestic
Scrap prices to move up by upto Rs 500/MT this week”, he
added to his comment.
The rupee plunged to all
time low at 56.00/USD today after closing at 55.39/40 per USD on Tuesday.
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