Domestic
ferrous scrap prices in India rise by up to Rs 500/MT in line with hike
in other raw materials and rising steel prices. Suppliers in Mumbai, Mandi
Gobindgarh, Alang and Kandla have raised their offers by Rs 200-500/MT.
Following are the few reasons that seem to have made domestic ferrous scrap dearer:
–
Rising sponge prices across India
–
Higher priced imported cargoes due to softening Rupee
–
Restocking of the material from steelmakers
Bhavnagar,
Asia's biggest ship breaking yard and biggest supplier of scrap across
India, also opens the ferrous scrap prices on Monday at Rs 27,000/MT i.e. up by Rs
300/MT from previous trade price. Prices of plate cutting also opened higher by
Rs 500/MT.
Suppliers
of rolling plates scrap in Bhavnagar have raised their prices by up to
Rs 600/MT. Scrap of 4 ANI plate traded higher at Rs 27,500/MT, 6 ANI at Rs
28,600/MT and 12 ANI at Rs 30,000/MT.
“Demand
for the material has slightly increased after the financial year ending. Hike
in duty and high price of imported cargoes has lent support to the domestic
suppliers to raise their prices”, said a scrap trader based in Kandla.
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