Prices for ferrous scrap in the local market
remain firm on limited supply. Prices moved up by Rs 100-500/MT on Tuesday at places
like Mumbai, Raipur, Jalna and Kandla.
However, HMS (80:20) in Mandi Gobindgarh traded
at Rs 30,300/MT. Slowdown in trading activities due to the on-going elections made
suppliers to keep their prices unchanged.
Slightly improved demand lifted ferrous scrap prices
by Rs 500/MT in Raipur. Further, HMS (80:20) in Mumbai traded higher by Rs
500/MT due to limited supply of both local and imported cargoes in the market.
According to a market source, “Local suppliers
have raised their prices due to short supply of the product (both imported and
local scrap). Shipments for imported cargo are likely to reach in few days and
this has encouraged local suppliers to keep their prices firm. Availability of
domestic scrap is also limited and buyers are placing small orders at high
prices. We expect prices to remain firm in the near term.”
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