SteelMint Indian Scrap
Index has dropped by 0.47 percent this week and reaches 89.68 points on Friday on the back of low buying interests.
Indian ferrous scrap
market continues to hold its downward trend from last week as falling steel
demand has pushed down the domestic scrap prices.
However, ferrous scrap
suppliers in Chennai and Coimbatore have not made any changes in the prices. HMS
(80:20) traded at Rs 24,000-24,500/MT (High Sea basis) during the week.
Further, ship breaking
Scrap offers in Bhavnagar remain almost unchanged this week. A slight
correction of Rs 100-200/MT was seen during the period. HMS traded at Rs 23,600-23,700/MT
(Basic Price, ED & Taxes extra), same as last week’s trade price. Plate
cutting offers have also remain stable.
Festivities in this
week have kept the ferrous scrap market calm with the lower demand for semi finished
and finished products.
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