Domestic ferrous scrap prices have decreased on Monday in major places like Alang, Kandla and Mandi Gobindgarh with weakening Ingot prices. After the announcement of hike in Excise duty to 12%, manufacturers are failing to pass it on to consumers as demand is low.
Bhavnagar, Asia's biggest ship breaking yard and biggest supplier of scrap across India, opens the ferrous scrap prices at Rs.26400/MT i.e. down by Rs 100/MT from yesterday's trade price. Prices of plate cutting also opened down by Rs.100-200/MT.
Scrap of 4 ANI plate traded at Rs 26,800/MT, 6 ANI at Rs 27,800/MT and 8 ANI at Rs 28,300/MT. These plate scraps are useful to make 8mm to 12mm Non ISI TMT.
HMS (80:20) was traded at Rs 31,400/MT in Mandi Gobindgarh i.e. down by Rs 200/MT from previous trade due to weak buying interests. MS Ingot is trading at Rs. 35800/MT++
Further, prices in Maharashtra region including Mumbai and Jalna remain firm on short supply of the material.
According to a trader based in Mumbai, “Though buying interests remain poor in the market, suppliers are unwilling to correct their offers amid limited supply of the material. Higher priced imported material also supporting the domestic prices to remain firm.”
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