SteelMint
domestic Ferrous Scrap index slides by 0.31 point on Monday to reach 95.51 point on weak
market sentiments. Trading activities remain low for Ferrous Scrap in major places like Raipur,
Durgapur and Chennai.
Meanwhile, Bhavnagar opens Ferrous Scrap
offers lower by Rs 200/MT at Rs 26,200/MT on Monday. Market participants expect
offers to come down further.
Suppliers of rolling plates scrap in
Bhavnagar have also reduced their offers by Rs 200-300/MT. Scrap of 4 ANI plate
traded at Rs 26,300/MT, 6 ANI at Rs 26,800/MT and 12 ANI at Rs 28,000/MT.
Further, HMS (80:20) prices in Mandi
Gobindgarh also declined by Rs 300/MT from previous trade and traded at Rs 30,100/MT
on Monday.
According to a trader in Mumbai, “Demand is
still unpredictable in the market so as prices for Ferrous Scrap. Imported Scrap
offers have come down, (due to weakening Rupee which has reached 54.85/USD)
which might support local prices to ease further”
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