SteelMint Indian Scrap Index inches up by 0.68 percent this week to reach 88.74 points
on Tuesday as trading activities have improved in Mandi Gobindgarh and
Bhavnagar.
Indian ferrous scrap offers moved up by up to
Rs 500/MT on improved demand for the material.
Bhavnagar: HMS scrap from ship
breaking traded slightly higher at Rs 23,600/MT i.e. up by Rs 100/MT from
previous trade. Offers for rolling plates Plate cutting scrap have also moved
up by up to Rs 200/MT. Scrap of 4 ANI plate traded at Rs 24,000/MT, 6 ANI at Rs
25,200/MT and 12 ANI at Rs 26,300/MT.
“Ship cutting scrap
sales has been improved this week. We are closing the deals for over 7,000 MT per day of ship cutting scraps at the moment which is a good sign for the coming days.
We expect offers to rise further”, said a major ship breaker in Alang.
It is reported that
ships are arriving at $400-410/MT CFR Alang for breaking at the moment. However
volume has been slowed down due to weakening rupee and cost factors.
Ferrous scrap demand in Northern region has
also improved. HMS (80:20) traded at Rs 27,600/MT in Mandi Gobindgarh i.e. up
by Rs 100/MT from previous trades.
Leave a Reply