Mill Scale prices in Indian domestic market are under pressure owing to weak global demand. Prices have marginally corrected by INR 100-300/MT but there are few sellers in the market.
India exports about 50% of total Mill Scale generated. Falling Mill Scale & Iron ore prices in Chinese market, which is eventually the largest buyer, has led to increased supply in the domestic market. Current prices are assessed at INR 2,900 /MT (ex-Raipur), INR 2,650/MT (delivered to Kandla), INR 2,800/MT (ex-Chennai) and INR 1,400/MT (ex-Mandi Gobindgarh).
Indian Mill Scale traders highlighted that there are few sellers in the market and most of them prefer to wait till prices get some support.
An Indian exporter mentioned, “We have offered the material at USD 75-76/MT, CIF China, but could not find any buyer. Exporters are already in a critical phase and not in a position to take fresh position.”
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