Indian scrap market quiet ahead of festival

SteelMint Scrap Index inches down this
week by 0.16 percent (0.14 points) and reached 89.26 points on Friday.

Ferrous
scrap market in India remains quiet on Friday as transactions have been slowed
down due to upcoming major festival (Diwali) in India. Traders are likely to return
to the market by late next week, sources told SteelMint.

“There
are no big sales happening in the market and we are closing the deals in small
tonnages. Everyone is to get busy due to Diwali”, a major scrap trader
commented.

Offers
for HMS (80:20) are hovering at Rs 23200-300 (Basic price, ED and Vat extra) in
Mumbai. Mandi Gobindgarh offering the same grade at Rs 30,100 (including of all
taxes).

Further,
offers for ship recycling scrap in Bhavnagar remain unchanged during the day.
HMS offered at Rs 23,600 (Basic price, ED and Vat extra)