SteelMint domestic Ferrous Scrap index again moves northward on Friday
and reached at 98.28 point on short supply of the material at major mandis' like Mandi Gobindgarh and Alang.
Domestic
Ferrous Scrap market in India continued to remain strong on short supply of the
local material. Domestic Scrap suppliers expect prices to move up further in
the coming weeks if the shortfall continues.
Meanwhile,
Bhavnagar Ferrous Scrap suppliers have raised their offers further by Rs 300/MT
to Rs 27,000/MT. Rolling plates scrap in Bhavnagar also traded higher by Rs
200-300/MT. Scrap of 4 ANI plate traded at Rs 27,400/MT, 6 ANI at Rs 28,000/MT
and 12 ANI at Rs 29,200/MT.
In addition,
HMS (80:20) in Mandi Gobindgarh traded at Rs 31,600-900/MT during the day i.e.
up by Rs 200-500/MT from last day's trades.
“Though
demand for Scrap remains ok in the market, prices are likely to remain firm in
the days to come. Major steel manufacturers are eyeing on the restocking the
material eyeing lesser imports in the coming weeks as Dollar still remains
high”, said a trader based in Mumbai.
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