Ferrous Scrap prices in India inched up by
upto Rs 400/MT after a deep correction in prices due to lower buying interest
across country. Suppliers have raised the offers despite weak demand as they
feel that prices have already bottomed out.
Bhavnagar, Asia's biggest ship breaking
yard and biggest supplier of scrap across India offered ferrous scrap
prices higher by Rs 300/MT at Rs 26,100/MT.
Meanwhile, suppliers of rolling plates scrap
in Bhavnagar have also raised their offers by Rs 300-400/MT. Scrap of 4 ANI
plate traded at Rs 26,100/MT, 6 ANI at Rs 26,900/MT and 12 ANI at Rs 28,200/MT.
HMS (80:20) was also traded higher at Rs 30,500/MT
in Mandi Gobindgarh i.e. up by Rs 300/Mt from previous trade. MS Ingot traded lower
by Rs 100/MT at Rs 34,200/MT++
“Scrap market seems to be very unpredictable
these days. As it is hard to infer the future outlook of the market, prices
might move in either direction in line with weak market sentiments”, said a
trader based in Chennai
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