SteelMint Indian Scrap
Index inched up by 0.69 percent this week and reaches to 91.30 points. Scrap
suppliers have kept the prices firm despite thin trades.
Indian ferrous scrap
market has shown some signs of improvement as scrap suppliers have raised the
offers by up to Rs 500/MT this week. Following are some reasons that supported ferrous
scrap prices to move up:
a)
Short supply
of the material
b)
Hike in
the MS Ingot and Finished prices and slightly improved demand
In Vishakhapatnam (Vizag),
MS Ingot and finished product prices have also increased on the back of
power cut issues. Currently, 3 days power cut is going on from Friday followed
by 4 hours power cut in weekdays. It has made the MS Ingot and Finished goods
expensive in the market.
Further, offers for HMS
scrap from ship breaking remain unchanged on Saturday, traded at Rs 24,800/MT,
up by Rs 500/MT from the level seen last week. Offers for rolling plates Plate
cutting scrap moved up by Rs 500/MT for all grades from last week. Scrap of 4
ANI plate traded at Rs 25,100/MT, 6 ANI at Rs 26,100/MT and 12 ANI at Rs 27,300/MT.
“Though bookings are
low for scrap, but we are unwilling to cut the prices further due to rising
costs and limited availability. Prices are likely to remain range bound in the
coming days”, said a major scrap supplier in Jalna.
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