Domestic scrap prices in Chennai lie in between Rs
23000-23500/MT i.e. at the same level as of before. Buying interest
remains low. However imported Scrap offers for HMS 1&2 (80:20) from African
region are in the range of $390-395 CFR Chennai. Shredded scrap import offers
from UK/Europe region are around 410-415/MT CFR Chennai i.e. $20/MT more than
HMS material. Prices are as per told by Chennai based trader.
Chennai trader concluded a deal of about 500 tons for HMS
1&2 grade scrap with Korean suppliers at $390/MT CFR Chennai.
In Gujarat, domestic scrap prices in Kandla region also
remain firm at around Rs 22400/MT. Import offers to Kandla from African
suppliers for HMS 1&2 (80:20) lie in between $385-390/MT CFR Kandla, as per
Kandla based trader. He purchased 236 tons of HMS
1&2 (80:20) scrap, origin Africa at $382/MT CFR Kandla. Prices
are stable here as well, buying is very low.
Domestic market remains at same or low by Rs100-200/MT in
Durgapur and Kolkata region. Market participant at Durgapur region believe that
since scrap imports to India has exceptionally increased to a high
extent of about 8MT in current FY. Since these imports are cheaper as
compared to domestic scrap prices, so definitely this is also going to impact
the domestic scrap market.
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