Sentiments are still down in long steel market in view of production cut and uncertainty in demand. Today Mandi Gobindgarh scrap prices were down by Rs 200-300/t as offer of HMS remain Rs 26800/t+VAT with no buying interest heard. Domestic scrap price were not change proportion to sponge and ingot prices. Mumbai scrap is offered at Rs 22,000++ with limited buying at Rs 21500 also, as production is down by 15-20% said Ingot manufacturer based in the region
Bhavnagar ship breaking scrap is down by Rs100-200/t as Alang melting scrap price is offer at Rs 22,500++ (Basic) and plate rolling scrap of 4Ani (equivalent to 6-8MM) is offered at Rs 23,700++
Imported scrap offer were also corrected last week by $5-8/t (equivalent to Rs 400). UK USA Shredded is offered at $405 CIF Mumbai and HMS 80-20 orgin South Africa offered $385 CIF.
Sponge Iron prices is corrected by Rs 400-600/t from 1 May’13 opening price, and still continue to remain under pressure with rising pellet sponge production. Sponge iron to sponge pellet difference is widened to Rs 1200-1500/t from previous Rs 700-1000/t
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