Domestic ferrous scrap prices fall down sharply by up to Rs 1,000/MT in line with correction in Ingot & Sponge iron prices across country. Market participants expect prices to correct further.
Further, scrap prices in
Bhavnagar went down marginally by Rs 100/MT due to low buying interests from steel manufacturers.
Bhavnagar which is Asia's biggest ship
breaking yard and biggest supplier of scrap across India, opened the
ferrous scrap trade at Rs. 26,300-26,400/MT i.e. down by Rs 100/MT from
previous trade price. Further, prices of plate cuttings also down by Rs 100/MT.
Scrap of 4 ANI plate traded at Rs 26,700/MT,
6 ANI at Rs 27,700/MT and 8 ANI at Rs 28,200-28,300/MT. All grades prices
decreased by Rs 100/MT from previous trade price. These plate scraps are useful
to make 8mm to 12mm Non ISI TMT.
HMS (80:20) was traded at Rs 31,400/MT in
Mandi Gobindgarh, i.e. unchanged from previous trade price. MS Ingot traded at
Rs. 35,750/MT++ i.e. down by Rs 50/MT.
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