Correction in MS Ingot prices due to weak
demand has also prompted Scrap suppliers to reduce their offers in Hyderabad.
Prices corrected by Rs 500/MT to reach 25,700/MT on Friday.
However, HMS (80:20) was traded higher by Rs
200/MT in major places like Mandi Gobindgarh, Ludhiana and Jalna. Offers at Mandi Gobindgarh reached at Rs 29,800/MT.
SteelMint domestic Ferrous Scrap index inched up to 94.25 point as suppliers in Mandi Gobindgarh raised their offers for Ferrous Scrap.
“Manufacturers (Semi finished & Finished
Goods) were reluctant to book fresh orders for Scrap due to liquidity crunch
in the market. But, we expect them to return to market in few days and demand is expected to pick up”, said a trader based in Chennai.
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