Domestic ferrous scrap prices continued to remain firm across
country. Prices for local ferrous scrap moved up by Rs 100-500/MT this week.
Slightly improved buying over limited supply has made it expensive in major
places in India including Mumbai, Hyderabad, Raipur and Alang.
However, HMS (80:20) Scrap at Mandi Gobindgarh was quoted at
Rs 29,100/MT i.e. down by Rs 100/MT from the previous trade prices.
Recently, a cargo of 4 containers with 26 tones of weight of
HMS (80:20) was sold at 25,200/MT in Mumbai. Traders expect prices to remain
firm in the days to come as the demand for the product has increased this week
from the steel manufacturers.
Ferrous scrap was sold at
Rs 10,000/MT in Chhattisgarh state once upon a time which is now sold at around
Rs 30,000/MT currently (the increased is noticed juts within 2 year), leading
to rise in production cost. Bringing imported scrap to Chhattisgarh is also not
feasible as it is situated away from sea ports and the freight cost would be
high. So, this is also one of the reasons behind the rise in local ferrous
scrap prices.
Leave a Reply