Market Highlights:
Local
ferrous scrap prices remain unchanged for the day at most of the places like
Mandi Gobindgarh, Raipur, Mumbai and Alang.
HMS
scrap at Mandi Gobindgarh was quoted at 28,400/MT while the demand remained
subdued as most of the induction furnaces cut their production due to the power
cuts.
However,
slightly improved buying amid the shortage of sponge iron made local scrap
dearer in Jalna. It was traded at Rs 24,900/MT i.e. up by Rs 100/MT from the
previous trade price.
Comment
By:
Trader, Mumbai: “Demand
for finished products improved slightly this week and this may improve the
demand for scrap from Ingot manufacturers. So, prices in the near term are
likely to remain firm. Shortage of imported cargoes might further lend support
to the prices of domestic scrap”
Trader, Alang: “Transporters are still on strike & it continues to limit the movement of the product. So prices are likely to remain firm”
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