“Domestic ferrous scrap prices might correct next week” – Experts

Ferrous scrap prices are likely to correct next week in
line with UP elections getting over and availability of cheaper imported
cargoes in the domestic market, say industry experts. However it may rebound by
the end of the march.

Local ferrous scrap prices continue to move up this
week by Rs 500-1000/MT in places like Mandi Gobindgarh, Jalna, Alang and
Kandla. Supply also remained critical this week in major places like Ghaziabad,
Muzaffarnagar, Kanpur Durgapur, Kolkata and Jalna.

It is also reported that scrap prices in International
market have gone up by US$ 5-10/MT. It will be interesting to see how Indian
importers will respond to this hike.