In Mumbai, Scrap prices for HMS 80:20 remain firm at the level of Rs 22500/MT (prices are basic, ED & taxes extra).
In case of imported scrap, a trader based in Mumbai confirmed a deal concluded for shredded scrap. Quantity approx.2000 tons imported from Europe and US region stands at $415/MT CFR Nhava Sheva. For HMS 1&2 (80:20) import offers stay at the level of $400-405/MT CFR Nhava Sheva.
In Jalna district of Maharashtra, traders are heard of complaining about the increased freight charges from Mumbai to Jalna. Hence domestic prices are corrected by Rs100-200/MT to Rs.26800-27000/MT (Incl all).
In Kolkata, Buying and selling remains weak or null. A trader there reported us that scrap prices are affected due to sharp decline in Ingot prices. HMS 80:20 is available at Rs.26500/MT (incl all).
In Southern India, domestic prices maintain stability at Rs 23300-500/MT (prices are basic, ED & taxes extra).
Since liquidity problem exists in March end of the year which leads to frail buying and selling activities in the market. However, RBI has corrected its Repo rate by 25 bps to 7.5% as on today March 19, 2013 to inject liquidity in the market. Wait and watch situation prevails among market participants regarding impact of RBI’s current policy rate adjustments.
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