Domestic ferrous scrap market had shown some
signs of picking up, as prices move up by Rs 300-500/MT first time this week.
Bhavnagar, Asia's biggest ship breaking
yard and biggest supplier of scrap across India, opens the ferrous scrap
prices on Friday at Rs 26,500-26,600/MT i.e. up Rs 400-500/MT from previous
trade price. Prices of plate cutting also opened higher by Rs 500-1000/MT on
Friday.
Suppliers of rolling plates scrap in
Bhavnagar have raised their prices sharply by upto Rs 1,400/MT due to high
labor cost. Scrap of 4 ANI plate traded at Rs 27,800/MT, 6 ANI at Rs 28,000/MT
and 12 ANI at Rs 29,200/MT. These plate scraps are useful to make 8mm to 12mm
Non ISI TMT.
HMS (80:20) was traded at Rs 31,600/MT in Mandi
Gobindgarh i.e. up slightly by Rs 100/MT from previous trade price. MS Ingot also traded higher at Rs. 35,700/MT++
“The hike in scrap prices is short lived. We
are facing labor problem here and due to its higher cost, we have also
raised our offers”, a trader based in Bhavnagar said.
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