Domestic ferrous scrap prices have corrected
by Rs 100-500/MT for the first time this week. Suppliers have recently hiked
their offers for ferrous scrap by up to Rs 1,500/MT from last week on restocking of the material
from mills and fair demand.
Bhavnagar, Asia's biggest ship breaking
yard and biggest supplier of scrap across India, opens the ferrous scrap
prices lower at Rs 27,400-27,500/MT i.e. slightly down by Rs 100/MT from previous
trade price. Plate cutting scrap also traded lower by Rs 100-300/MT on Wednesday.
Suppliers of rolling plates scrap in
Bhavnagar have corrected their prices by Rs 300/MT. Scrap of 4 ANI plate traded
at Rs 28,000/MT, 6 ANI at Rs 29,200/MT and 12 ANI at Rs 30,500/MT. These plate
scraps are useful to make 8mm to 12mm Non ISI TMT.
HMS (80:20) was traded at Rs 32,300/MT in
Mandi Gobindgarh and MS Ingot also traded lower at Rs. 36,650-36700/MT++
“Prices are expected to come down further as it
is already higher in the market. To intact demand, scrap sellers might reduce their
offers”, a trader based in Bhavnagar said.
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