Domestic
ferrous scrap prices remain firm for the day with buying interest being
moderate. Buyers have held their purchases in anticipation of correction in
prices. Market participants are not sure of any certain trend to be seen this week
followed by the fluctuation in Ingot prices recently.
HMS (80:20) in Mandi Gobindgarh was quoted same as Rs
30,200/MT from the previous trade. Suppliers kept their prices unchanged
despite of the correction in Ingot prices.
However, scrap sellers have eased their prices in Alang to
attract more buyers. But traders expect such correction to be short-lived and
expect prices to remain firm in the days to come.
“It is hard to infer
the future outlook of the scrap market this week as buyers are hesitating to
book bulk cargoes at such high price. Imported scrap offers are also at high
level despite of depreciating Dollar in recent times and this lending support
to local scrap prices. We expect prices to remain firm in the coming days”,
said a trader based in Alang.
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