SteelMint Indian Scrap
Index inched up by 0.23 percent and reaches 90.14 points on Friday. Indian
ferrous scrap market has gained some momentum as suppliers have raised their
offers on improved buying activities.
Indian ferrous scrap
prices move up from past few days by up to Rs 500/MT with improved demand.
Inquiries for imported scrap have also improved with lower offer prices.
“I think the market
will improve from current position. Ganpati festival (a major festival in India)
is about to conclude and buyers are likely to return to the market with
improved buying. Prices are likely to move up too, especially in Maharashtra
region”, said a steel manufacturer based in Mumbai.
In a recent deal for 600
MT for HMS 1 was concluded at Rs 22,500/MT (High Sea basis) in Kandla.
Currently, HMS 1&2
offers are hovering at $380-385/CFR Nhava Sheva Mumbai. Suppliers might get the
better margins on imported scrap with cheaper offers.
Reportedly, a small
tonnage of around 250 MT of HMS 1&2 was sold at $385/MT CFR (US origin),
down from earlier trades at $390-395/MT CFR last week.
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