Domestic Ferrous Scrap prices remain firm

Market Highlights:

* Domestic ferrous scrap
prices remained firm at most of the places while demand for the product can be
scaled as moderate to low.

* Domestic scrap was
traded at Rs 24,500/MT in Goa i.e. up by Rs 700/MT, as expensive imports made
buyers shift towards the domestic scrap.

Comment By:

Trader, Mumbai: “Rupee continues to fall that made imports dearer. It has lent support to the domestic scrap prices
and they are unlikely to correct in the near term. The continuous depreciation
in the value of Rupee has made most of the importers cautious and they have
held their purchases. This is in hope that the dollar value will come down.”

Trader, Raipur: “Scrap
suppliers are looking for buyers but there is hardly any fresh buying interest
in the market. Price disparity between buyers & sellers has kept the prices
unchanged from last one week and prices are likely to remain at the same level
in the days to come. Sponge Iron prices also remain high because of low
availability of the commodity.”