Local ferrous scrap prices saw a deep correction at the
beginning of this week. However, prices recovered at few mandis' later in the week with slight improvement in demand. Ferrous scrap prices had reached its peak in the previous week
due to short supply and weakening rupee. But, low demand and appreciating Rupee
eased the local ferrous scrap prices this week.
Highlights of the
week:
* Prices corrected by Rs 500-1000/MT in the beginning of the
week at places like Mumbai, Jalna, Alang and Jamshedpur due to slowdown in
demand. However, prices in Chennai moved up by Rs 1000/MT on slight improvement
in demand post festivities such as Pongal.
Comment by:
Trader, Jalna: “Local
ferrous scrap market is quite uncertain at present. Prices may move in either direction. But supply
of cheaper imported cargoes in the local market might support a downward
correction the local ferrous scrap prices”
Trader, Chennai: “Local
ferrous scrap prices will remain firm in the days to come. Demand from the finished
manufacturers has improved this week and this might improved the demand for
scrap especially from Ingot manufacturers”, said a trader based in Chennai.
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