Indian ferrous scrap offers moved up further by Rs 300/MT on improved buying and scarcity of domestic scrap in North India. This is second consecutive hike in price this week in Bhavnagar. India imported ferrous scrap offer also firm but due to depreciating rupee it becomes nonviable to steel unit based in Mumbai, Gujarat and Punjab who consumed 70-80% melting scrap.
Bhavnagar: HMS scrap from ship breaking traded at Rs 23,700/MT i.e. up by Rs 300/MT from yesterday trade. Offers for rolling plates Plate cutting scrap have also moved up by up to Rs 300-400/MT. Scrap of 4 ANI plate traded at Rs 25,100/MT, 6 ANI at Rs 26,100/MT and 12 ANI at Rs 27,300/MT.
Sponge Iron offer in Raipur remain at same level of Rs 18900-19000/MT Basic Price (FeM 80) but seller are eyeing demand to increase from North India due to scrap shortage. Demand of Finish Long has also improved due to limited production and supply gap. Market participant believe price will remain firm or inch up further due to scrap shortage in coming days.
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