Domestic Ferrous Scrap prices remain firm

Scrap prices in India remain firm despite of
lower buying interests from steel manufacturers due to weak market sentiments.

Bhavnagar, Asia's biggest ship breaking
yard and biggest supplier of scrap across India, offered ferrous scrap
prices slightly lower at Rs 27,300-27,400/MT i.e. down by Rs 200/MT from
previous trade price.

Suppliers of rolling plates scrap in
Bhavnagar have kept their prices unchanged from previous trade price. Scrap of
4 ANI plate traded at Rs 28,000/MT, 6 ANI at Rs 29,100/MT and 12 ANI at Rs 30,500/MT.
These plate scraps are useful to make 8mm to 12mm Non ISI TMT.

HMS (80:20) was also traded same at Rs 32,300/MT
in Mandi Gobindgarh. However, MS Ingot traded slightly lower by Rs 100/MT at Rs.
36,200/MT++

According to a trader based in Chennai, “Suppliers
are unwilling to correct their prices despite of weak demand in the market.
Lower buying interests for finished products have also impacted the off take of
MS Ingot and it has resulted in to liquidity crunch for Ingot manufacturers. So they are hesitant to book bulk orders of scrap.”