Domestic ferrous scrap prices continued to move up.
Prices for local ferrous scrap move up by up to Rs 300/MT. Market participants
are finding hard to infer the future outlook of the market, with the increment
in Ingot and finished prices across India despite low demand for the product.
HMS (80:20) was traded higher by Rs 300/MT in Mandi
Gobindgarh on improved buying interests coupled with the higher priced imported
cargoes in the market.
Indian buyers have booked a large number of
containerized shipments in the past few days as they look to restock their
supplies. Prices from Europe and the USA rose in line with globally improved
demand. Demand from India has slowed this week, however, after US and European
sellers increased their offer prices to take advantage of recent buying.
“Domestic ferrous scrap market needs direction as
prices movements are uncertain. Prices could not correct as expected. Imported
scrap is also available at higher prices”, said a trader based in Mumbai.
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