Scrap prices in Indian market moved down by Rs 200-400/t on falling steel prices. Buyers were reluctant to pay higher price for domestic scrap.
Bhavnagar ship breaking HMS scrap prices open at a lower side on Rs 23400/t (Basic). Prices went down by Rs 100/MT.
Rolling plate cutting scrap suppliers have also reduced their price up to Rs 100/MT on thin buying interest. Scrap of 4 ANI plate traded at Rs 24100/MT, 6 ANI at Rs 25100/MT and 1/2Kg at Rs 23700/MT (All Basic).
In Mumbai HMS Scrap prices was reduced by Rs 100-200/MT and it is further traded at Rs 22500-600/MT (Basic) as the demand of finished product has declined.
Jalna scrap price fell drastically by Rs 500/MT and was offered at Rs 26500/MT (Including All) because of lower demand in local market. In line Hyderabad HMS prices reduced by Rs 300/MT and traded at Rs 23,500/MT (Basic). Due to lesser demand in rolling mills prices fell, says a well known scrap trader based at Hyderabad.
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