SteelMint domestic
Ferrous Scrap Index inches up by 0.41%% from last week and reaches 88.11 points
on Tuesday.
Indian ferrous scrap offers have slightly moved
up in line with the rise in Ingot prices. Prices have increased by Rs
200-300/MT despite lower buying interest.
Power blackout in North and East India might
impact on the demand for scrap in the coming days.
Further, HMS scrap
from ship breaking also traded higher at Rs 23,500/MT in Bhavnagar i.e. up by
Rs 100/MT from previous trade. Offers for rolling plates Plate cutting scrap
have also moved up by Rs 200-400/MT. Scrap of 4 ANI plate traded at Rs 24,000/MT,
6 ANI at Rs 25,300/MT and 12 ANI at Rs 26,400/MT.
It is reported that
scrap suppliers in Chennai are unwilling to correct their prices due to high
cost of the material. Currently, HMS (80:20) is being offered at Rs 24,800/MT (basic
price). Buyers are asking for more discounts but suppliers are in no hurry to
sell the material at less than its cost.
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