SteelMint Indian Scrap Index has inched
up 1 percent (0.85 points) this week and reached to 86.25 points on the back of
good sales in most of the parts in India
Transactions
for scrap in the Indian market are crawling up in line with the improving
demand in the finished product market. Offers for HMS (80:20) and end cutting
scrap are moving up gradually this week.
Strong
demand in the southern and western regions in the country for finished products
has lifted the demand for semi finished and raw materials like Scrap, MS Ingot
and Billet. Prices moved up by up to Rs 500/MT this week for all grades.
HMS
(80:20) is being offered at Rs 25,200/MT Ex mills Mumbai (including all taxes)
and HMS 1 at Rs 25,260/MT (including all taxes), up by Rs 500/MT from the
levels seen in last week. However, in the southern region of the country, HMS
scrap offers are hovering at Rs 23,000/MT Ex mills (Basic prices, ED & VAT extra),
up by Rs 500/MT from last week.
Meanwhile,
ship recycling scrap offers have also moved up by Rs 200-500/MT from last week.
HMS traded at Rs 23,400/MT. Scrap of 4 ANI plate traded at Rs 25,000/MT, 6 ANI
at Rs 25,700/MT and 12 ANI at Rs 26,900/MT.
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