Ferrous Scrap prices in India, again, fall sharply by up to Rs 500/MT on Friday due to weak demand. Domestic Ferrous Scrap
market have seen a deep correcction in prices this week of around Rs 1,500/MT
on poor demand from the steel manufacturers.
Bhavnagar, Asia's biggest ship breaking
yard and biggest supplier of scrap across India offered ferrous scrap
prices lower by Rs 200/MT at Rs 25,800MT.
Meanwhile, 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 26,000/MT, 6 ANI at Rs 26,600/MT and 12 ANI at Rs 27,800/MT.
Further, HMS (80:20) was also traded lower at
Rs 30,000/MT in Mandi Gobindgarh i.e. down by Rs 300/Mt from previous trade. MS
Ingot traded lower by Rs 100/MT at Rs 34,200/MT++
“Scrap prices are likely to come down
further, as no one is ready to purchase the material at such high prices. Weak
deamnd for Ingot and Finished products have also lowered the demand for Scrap”,
said a trader based in Raipur
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