Poor demand for finish steel has resulted in price reduction of scrap. In Chennai, prices fell by Rs 500/MT in last two days because of re-bar prices drop of around Rs 1,000/MT.
In line Hyderabad and Bhiwadi fell by Rs 100-200/MT. Hyderabad HMS Scrap prices went down uninterruptedly from past few days by Rs 600-700/MT.
However, HMS Scrap from ship breaking traded slightly higher at Rs 22,800/MT i.e. up by Rs 100/MT from previous trade. Offers for rolling plates, plate cutting scrap have also moved up by up by Rs 100-400/MT. Scrap of 4 ANI plate traded at Rs 23,900/MT, 6 ANI at Rs 24,800-900/MT and 12 ANI at Rs 26,400/MT.
On the other side, imported scrap market is stable backed by low purchase activity. Offers of shredded scrap stand at $410-413/MT and HMS 1&2 at $390-400/MT.
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