“Indian scrap prices likely to stay firm in near term”-Traders 

Domestic
scrap prices are likely to stay firm in the near term due to lesser import of
scrap from other countries. 

Secondary
steel makers have been hit hard as their import bill for high melting steel
scrap have jumped by 18 per cent in the wake of dollar appreciation since June
this year.

“Indian
importers are not placing fresh orders and the availability has reduced by
almost 30% since last month.” said a scrap importer based at Mandi
Gobindgarh.

Steel mills are relying on domestic scrap, whose
supply itself is limited, he added. Domestic scrap at Mandi Gobindgarh
continued to trade higher on Thursday. It was traded at Rs 27,900/MT i.e. up by
300/MT from last week. Market participants expect the prices to move up further
as sellers are increasing their offers on a daily basis due to the short supply
of the product.