Ferrous scrap demand in Chennai continues to
remain dull on lower production of Ingot due to power cut issues. Induction
furnaces are running in under capacity which has resulted in the weak market
for ferrous scrap. HMS (80:20) is being currently traded at Rs 25,500-26000/MT.
SteelMint learns that ferrous scrap is being
traded at lowest prices in Chennai across India
Bhavnagar, Asia's biggest ship breaking yard and
biggest supplier of scrap across India, also opened offered ferrous scrap market
at lower offers, with HMS traded at Rs 27,100/MT i.e. down by Rs 100/MT from last
trade price.
Suppliers of rolling plates scrap in
Bhavnagar have also corrected their prices marginally. Scrap of 4 ANI plate
traded at Rs 27,600/MT, 6 ANI at Rs 28,600/MT and 12 ANI at Rs 30,000/MT. These
plate scraps are useful to make 8mm to 12mm Non ISI TMT.
HMS (80:20) was traded at Rs 32,100/MT in
Mandi Gobindgarh. Whereas, MS Ingot traded lower at Rs. 36,000/MT++
“Prices are seem to be bottomed out for
ferrous scrap and unlikely to correct further. Fair demand in finished products
(which is poor at the moment) might help the buying for ferrous scrap as well”,
said a trader based in Raipur.
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