Domestic
ferrous scrap prices have decreased on Saturday in major places like Alang,
Kandla and Mandi Gobindgarh after the announcement of hike in Excise duty to
12%. Suppliers have reduced their offers to reduce burden on the buyers.
Bhavnagar,
Asia's biggest ship breaking yard and biggest supplier of scrap across
India, opens the ferrous scrap prices at Rs.26500/MT i.e. down by Rs 400/MT from
yesterday's trade price. Prices of plate cutting also opened down by
Rs.300-400/MT.
However,
Scrap of 4 ANI plate traded at Rs 27,000/MT, 6 ANI at Rs 28,000/MT and 8 ANI at
Rs 28,500/MT. These plate scraps are useful to make 8mm to 12mm Non ISI TMT.
HMS
(80:20) was traded at Rs 31,400-500/MT in Mandi Gobindgarh i.e. down by Rs
400/MT from previous trade due to weak buying interests.
Further, prices in Maharashtra region including Mumbai and Jalna remain firm on short supply of the material.
According to a trader based in Mumbai, “Though
buying interests remain poor in the market, suppliers are unwilling to correct
their offers amid limited supply of the material. Higher priced imported
material also supporting the domestic prices to remain firm.”
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