SteelMint
domestic Ferrous Scrap index moved up by 1.15 point to reach 95.82 point on healthy
demand for the material. Trading activities slowed down in past few weeks.
Domestic Ferrous Scrap prices moved up at
major mandis' like Mumbai, Alang, Raipur and Mandi Gobindgarh by upto Rs
500/MT. Slightly improved demand for the material and rise in Ingot prices have
pushed up prices for Scrap in such places.
Meanwhile, Ferrous Scrap at Bhavnagar was offered higher by Rs 500/MT at Rs 26,400/MT on improved buying interest.
Suppliers of rolling plates scrap in
Bhavnagar have also raised their offers by upto Rs 700/MT. Scrap of 4 ANI plate
traded at Rs 26,500/MT, 6 ANI at Rs 27,000/MT and 12 ANI at Rs 28,200/MT.
HMS (80:20) prices in Mandi Gobindgarh inched
up by Rs 200/MT from previous trade and traded at Rs 30,400/MT.
“Buyers are entirely dependent on local
material due to high price of imported Scrap. But liquidity crunch in the
market and weak demand for Ingot has made them cautious to take
fresh positions. We expect demand to move up further once such issues get over”, said a trader based in Chennai.
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