Domestic Scrap prices moved up at
most of the mandis' between the range of Rs 100-200/MT. Reasons for such
improvements are:
– Acute shortage of Raw material like
Iron Ore, Sponge iron
– Limited availability of scrap at the
same time when most of the Sponge Iron units are running at lower capacities.
– Expected rise in Steel prices by
major Steel makers like SAIL, TATA STEEL, and JSW due to a rise in input costs
In the International market,
uncertainty reigns over the finished steel prices and market players are not
sure for the direction which market might take in the first week of September
as most of the Turkish buyers were away from the ferrous scrap market last
week.
With the culmination of Eid in the
Middle East and holidays in Europe, buyers are expected to return to the market
with an unquenchable thirst for steel. However, the expectation on the future
market trend seems to be mixed as it can be better defined by the quantum of demand
coming from Billet and Re bar manufacturers.
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