SteelMint Indian Scrap
Index moves slightly down to 91.23 points on Wednesday. Scrap suppliers have reduced the prices on thin trades.
Indian ferrous scrap
prices remain unchanged this week. Scrap suppliers have made no major changes
over thin buying interest in the market.
In Jalna, Scrap offers down by Rs 500/MT this week. Karnataka based scrap suppliers are supplying their material to Maharashtra region over power cut issues. It has supported ferrous scrap offers to go down in the region.
In Punjab, scrap
traders continued to be on strike over e-Bill system and kept their trades on
halt.
According to an
official based in Ludhiana, “Scrap traders are still on strike and they are in
dilemma over new e-Bill system. Any confirmation on the same is yet to come. No
major bookings are being heard at the moment.”
In Bhavnagar (also
known as Alang, Asia’s biggest ship breaking yard), offers for HMS scrap from
ship breaking remain unchanged on, traded at Rs 24,700/MT. Offers for rolling plates
Plate cutting scrap also remain stable from last week. Scrap of 4 ANI plate
traded at Rs 25,200/MT, 6 ANI at Rs 26,100/MT and 12 ANI at Rs 27,300/MT.
“Though bookings are
low for scrap, but we are unwilling to cut the prices further due to rising
costs and limited availability. Prices are likely to remain range bound in the
coming days”, said a major scrap supplier in Jalna.
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