Domestic
ferrous scrap prices continued to rise on high priced imported cargoes in the
domestic market and weakening Rupee against Dollar in Forex market. Domestic ferrous
scrap prices moved up by Rs 200-1200/MT at places like Raipur, Durgapur and
Jamshedpur.
Limited
supply has made local ferrous scrap dearer by Rs 500/MT in Raipur. Buyers preferred to stay away from the market & showed hesitance to book bulk orders at such price level.
However,
domestic scrap prices corrected sharply by Rs 1,200/MT in Chennai. Buying interests
remained poor in the market from steel manufacturers as power cuts resulted
in to low production levels.
“We
can't really predict the future outlook of the price movements for ferrous scrap.
Short supply of the material & weakening Rupee in currency exchange
continue to support the domestic prices. So, it is likely to remain firm in the
coming days but might correct by the end of the month”, said a trader based in
Kandla.
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