Domestic ferrous scrap prices continued to move up. Prices
moved up by Rs 100-500/MT during the day at places like Alang, Kandla,
Hyderabad and Jamshedpur. However, HMS (80:20) Scrap at Mandi Gobindgarh was
quoted same as Rs 29,300/MT with buying interest from steel manufacturers being
average to low.
HMS (80:20) traded higher by Rs 500/MT in Jalna and
Jamshedpur on improved buying. Suppliers in Jalna have held their cargoes in
anticipation of further price rise in the days to come.
“Demand from the finished goods sector is quite healthy that
also pushed Ingot and scrap prices up in recent times. Imported ferrous scrap
has also landed at higher prices. Thus, we expect prices to remain high in the
coming weeks”, said a trader based in Jalna.
“Domestic
ferrous scrap market remained firm in past few days. But, buyers of scrap are
cautious over the present demand trend of semi finished and finished goods
which is moving upwards now but its sustainability in near future is doubtful.
So, orders are being placed only for immediate need. Prices might move by Rs
300-400/MT in the coming weeks”, said a trader based in Mumbai.
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