Indian Mill Scale Prices Stable; Low Demand for Export

Indian Mill scale prices remained stable this week, with most of the sellers still prefer to hold their stock and wait till prices rise in the global market. Current prices for Fe 70/68% Mill scale are assessed at INR 2,500-2,600/MT (ex-Raipur).

Market participants highlighted that demand has been very moderate in the domestic market and extremely poor in the global market. Global Iron ore prices fell to a 10 years low level at USD 47/MT, CIF China for Fe 62% Iron fines.

Two vessels, which were rejected at Chinese port, have been called to India. One of the rejected vessel carrying about 38,000 MT is expected at Kandla Port this week and another vessel will also arrive soon at Indian shores.

Mill scale traders reported that export of material is vanishing from India and domestic mills can’t compensate for export loss.

Mill Scale Prices as on 10 Apr’15

Source: SteelMint Research