Domestic Ferrous Scrap prices have declined
sharply by Rs 200-500/MT across country on weak buying interest from the steel
manufactures. Lower demands in finished goods have also impacted the demand for
Ingot & Scrap in the country to fall down.
Meanwhile, lower production of Ingot and less
construction activities due to severe shortage of labor, have decreased the
demand for steel products in India. However, market participants expect demand
to move up in the coming days and prices as well.
Bhavnagar, Asia's biggest ship breaking
yard and biggest supplier of scrap across India have also offered ferrous
scrap prices lower by Rs 300/MT at Rs 26,200/MT.
Suppliers of rolling plates scrap in
Bhavnagar have also lowered their offers by Rs 300-400/MT. Scrap of 4 ANI plate
traded at Rs 26,200/MT, 6 ANI at Rs 27,200/MT and 12 ANI at Rs 28,400/MT.
However, HMS (80:20) was also traded lower at
Rs 30,900/MT in Mandi Gobindgarh i.e. down by Rs 200/MT from previous trade. MS
Ingot traded lower at Rs 34,700/MT++
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