Domestic ferrous scrap prices fall in line with cheaper imports

Domestic ferrous scrap suppliers
cut prices on Monday in order to make domestic prices competitive to cheaper
imports. Prices went down by Rs 100-500/MT at major places.

HMS (80:20) at Mandi
Gobindgarh traded lower by Rs 100/MT due to weak buying interest from steel
manufacturers. Availability of cheaper imports also support the fall in prices
at Alang and HMS (80:20) traded at Rs 25200-25,300/MT i.e. down by Rs 300/MT.

According to a market source, “Prices are likely to correct further on weak sentiments in the market. Poor
demand for finished goods have also lowered the off take for Ingot & Scrap.
Moreover, cheaper imports will restrict local suppliers from raising prices”