Offers
for domestic ferrous scrap in India declined by Rs 200-500/MT in all major
grades due to weak buying interests. Market sources expect that prices are
likely to correct further ahead of the closure of the financial year.
“Buyers
are unlikely to procure the material ahead of the financial year ending. So,
suppliers might correct their offers to intact demand”, says a trader based in
Mumbai.
Scrap
Bhavnagar: Meanwhile, Bhavnagar which is Asia's biggest ship
breaking yard and biggest supplier of scrap across India, opened the
ferrous scrap trade same at Rs.26500/MT i.e. Up by Rs 100/MT. Plate cutting
prices also remain unchanged due to the weak sentiments in the market.
Scrap
of 4 ANI plate traded at Rs 26,800/MT, 6 ANI at Rs 27,800/MT and 8 ANI at Rs
28,300-400/MT. These plate scraps are useful to make 8mm to 12mm Non ISI TMT.
HMS
(80:20) was traded at Rs 31,400/MT in Mandi Gobindgarh, i.e. unchanged from
previous trade price. MS Ingot traded marginally lower by Rs 100/MT to 35,900/MT.
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