Domestic Scrap prices likely to remain high

SteelMint domestic Ferrous Scrap index stays unchanged on Saturday at
97.23 point. Scrap suppliers have made no changes in their offers at major places like Alang, Mandi Gobindgarh and Chennai.

Meanwhile,
Bhavnagar Ferrous Scrap offers and rolling plates Scrap prices remain unchanged
on Saturday. HMS traded same at Rs 25,800/MT. Scrap of 4 ANI plate traded at Rs
26,600/MT, 6 ANI at Rs 27,400/MT and 12 ANI at Rs 28,500/MT.

HMS
(80:20) in Mandi Gobindgarh also traded same at Rs 31,600/MT.

According
to an importer based in Mumbai, “Ferrous Scrap prices are likely to remain high
on lesser imported cargoes due to falling Rupee. Rupee has hit all time low to
56.47/USD this week which has made imports costlier by Rs 2,000-2,500/MT.
Buyers are preferring local Scrap over imported material.”