Sponge Iron shortage supports stability in Scrap prices. Market participants are not expecting any correction in prices before Diwali.
Raipur's Scrap offers remain unchanged from more than a month's time . HMS 80:20 offers are stable at INR 22,800/MT and Sponge Iron at INR 20,500/MT (Advance Payment). However, Sponge Iron prices have fallen by INR 300/MT on W-o-W basis.
Scrap offers in Mandi Gobindgarh followed the same trend. and kept HMS 80:20 offers stable from a week's time at INR 23,800/MT. End Cutting Scrap prices, however, increased slightly by INR 100/MT on W-o-W basis and INR 1,300/MT on M-o-M basic. Meanwhile, Sponge Iron prices declined marginally by INR 100/MT in a week's time.
Maharashtra's Scrap market is also not showing any change from last week. As the semi finished offers are also more or less stable. In Mumbai, Scrap was offered at INR 22,000/MT and in Jalna at INR 22,700/MT.
Scrap prices in Hyderabad dropped by INR 100-200/MT as Sponge Iron offers lowered. Scrap offers were at INR 22,500/MT on 23 October, 2013.
Imported Scrap offers in India are stable. HMS 1&2 from Dubai are offered at USD 343-348/MT (CFR Mumbai) and from UK/Europe at USD 360-365/MT (CFR Mumbai).In October India's Scrap imports were around 0.154 MnT (till 19th October), whereas in last month 0.309 MnT Scrap were imported.
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