Monday, 07 Mar 2011
International scrap market has improved on buying from Induction manufacturers in India and ease in Libya crisis..*
Buyers were seen active and few cargoes were booked at these levels.Induction manufacturers from southern India were complaining on scrap scarcity and believe that prices might go up further if Indian buyers get back in the market.
In accordance with the global scrap prices the prices of scrap in the domestic market started to move up a few seaport mandi’s. Prices in Mumbai, Kolkata moved up over the weekend on the back of good demand ahead of Holi.
Mumbai based trader told us that “The mills are low on stock and they are adding on to the inventory levels ahead of Holi as people will go for holiday and we want to meet the production targets”
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