SteelMint Indian Scrap
Index has slightly gone down to reach 91.65 points, down by 0.07 percent.
Indian ferrous scrap
prices fall in line with the falling steel demand and prices. Buyers are in no
hurry to book cargoes over current market situations. Scrap prices went down by
up to Rs 500/MT.
“There is no positive
outlook in the market for scrap at the moment. Dull buying in steel sector (especially
for Re bar) have impacted on MS Ingot and Scrap market as well”, said a major
steel manufacturer based in Mumbai.
Bhavnagar ship
breaking HMS scrap prices again open at lower side on Tuesday. Offers shed by
another Rs 200/MT in the early trade at Rs 24,100/MT (Basic Price, ED &
Taxes extra). HMS also traded lower by Rs 500/MT in Bhiwadi on falling MS Ingot
prices.
“We can expect a
further correction of Rs 500-700/MT in the days to come in scrap market. There
is no movement in finished sector and heavy rainfall has slowed down the activities
in the market. MS Ingot manufacturers are also facing problems over new BIS
standard rules. So, there is no indication of any price rise in scrap as well”,
said a trader based in Alang.
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