Oversupply of the ferrous scrap in Jalna amid
imported cargoes support has made the product cheaper in the market. Market
sources expect that price might correct further by Rs 200-300/MT in the coming
days.
“Supply of the material gets smoothen in past
few days in the market. Imported cargoes with cheaper prices (which are booked
a month ago) are also supporting the prices to move down. Further, demand for
the Billet has also declined which has resulted in the lower demand for ferrous
scrap from the manufacturers. So, prices are likely to come down by Rs
200-300/MT in the coming days”, said a trader based in Jalna.
Meanwhile, prices for ferrous scrap plunges
across country in line with the poor buying interests and correction in MS
Ingot prices. Domestic prices went down by Up to Rs 1000/MT in places like
Hyderabad, Jalna, Bhiwadi and Mandi Gobindgarh.
HMS traded at Rs 31,100/MT in Mandi
Gobindgarh i.e. down by Rs 200/MT from previous trade. While MS Ingot traded at
Rs 35,400/MT i.e. down by Rs 200/MT
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