SteelMint
domestic Ferrous Scrap index inched up to reach 95.93 point on improved sales
in Mandi Gobindgarh and Alang. Market sources anticipate the rise in prices on
the limited supply of imported Scrap in the local market.
Bhavnagar Ferrous Scrap offers rebound to Rs
26,400/MT on Tuesday. Suppliers of rolling plates scrap in Bhavnagar have also raised
their offers by Rs 200-300/MT. Scrap of 4 ANI plate traded at Rs 26,500/MT, 6
ANI at Rs 27,000/MT and 12 ANI at Rs 28,100/MT.
Meanwhile, HMS (80:20) in Mandi Gobindgarh
also traded higher by Rs 500/MT from previous trade at Rs 30,600/MT on Monday.
According to a trader in Alang, “Demand is fairly
better in the market. Prices might move northwards on the limited supply of
imported cargoes due to sharp hike in Dollar value in the currency market.”
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