Domestic scrap market registered a minor price change of INR 200-500/MT (2-3%) M-o-M during Aug’16. While, Mumbai and Chennai registered a price correction of INR 400/MT and INR 800/MT respectively.
Shortage of material along with strong sponge & Pig iron offers has supported the scrap market. In addition, expensive imported scrap offers has forced manufacturers to reduce domestic scrap prices.
In the month, Indian scrap import fell by 1% against Jul’16.(as per provisional data)
Scrap monthly average prices since Apr’16
| Month | Alang | M-o-M | Chennai | M-o-M | Mumbai | M-o-M |
| Apr’16 | 16,900 | +400 | 16,150 | +500 | 16,600 | +450 |
| May’16 | 16,400 | -500 | 15,450 | -700 | 16,250 | -350 |
| Jun’16 | 15,550 | -850 | 14,550 | -900 | 16,050 | -200 |
| Jul’16 | 15,300 | -250 | 14,650 | +100 | 15,700 | -350 |
| Aug’16 | 15,350 | +50 | 14,950 | +300 | 15,250 | -450 |
Prices in INR/MT
Source: SteelMint Research
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