Local ferrous scrap prices continue to rise. Prices moved up further
by Rs 100-300/MT to reach its peak at places like Raipur, Mandi Gobindgarh and Alang.
HMS (80:20) was quoted at Rs 29,900/MT in Mandi Gobindgarh
i.e. up by Rs 200/MT from the previous trade price.
HMS scrap (80:20) in Raipur also traded higher by Rs 300/MT. Suppliers
are not willing to correct their prices over improved buying interests and are offering cargoes in advance payment for bulk cargoes.
“There are no signs of correction in local ferrous scrap
prices as demand for the product looks good. But tight liquidity is making buyers
hesitant to book orders at such price level. Fresh deals are closed on the
basis of immediate need for the material”, said a trader based in Raipur.
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