Offers
for domestic ferrous scrap in India remain firm at major markets like Mumbai,
Raipur, Hyderabad and Jalna. Higher priced imports with fair demand have made
it dearer in such places. Rupee has also reached at 50.47/USD.
“Weakening
Rupee in the exchange market might keep the Indian ferrous scrap prices high in
the coming weeks. It has lent support to the imported material which is coming
at higher price and forced domestic suppliers to keep their offers high”, says
a trader based in Mumbai.
Meanwhile,
HMS (80:20) was traded same at Rs 31,300/MT Mandi Gobindgarh. In Alang,
liquidity crunch in the market has made suppliers to hold their material.
Buyers are also unwilling to pay higher prices.
Bhavnagar
scrap prices remain unchanged after Ingot prices at Mandi Gobindgarh showed
sign of recovery.
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