Domestic ferrous scrap prices corrected
slightly at major places like Mumbai, Raipur, Chennai and Mandi Gobindgarh on
availability of cheaper imported cargoes and weak demand in the local market.
Scrap suppliers in Mumbai cut their prices and
HMS (80:20) traded lower by Rs 500/MT. Prices in Raipur also went down by Rs
500/MT on poor buying interest.
“Domestic ferrous scrap prices are likely to
correct soon as cheaper imports will force local suppliers to correct their
offers. Prices were already high due to shortage of the material. Shipments of
imported cargoes booked at lower prices have started reaching to the ports with
bulk volumes which will definitely have an impact on the local prices”, said
an importer based in Mumbai.
“Demand for the finished products continues to
weak. Most of the induction furnaces are running at lower capacity. It has kept
the demand subdued for Ingot & Scrap. Prices are likely to correct further
for ferrous scrap”, said a local trader from Raipur.
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