Offer prices for Ferrous Scrap in Mumbai down
by Rs 200/MT on weak buying interest from steel manufacturers. The correction
in prices also caused due to the lower priced imported cargoes reaching at the Mumbai
port (which were booked during March with less excise duty i.e. 10% against 12%
in April).
“The correction in the prices is short lived
in Mumbai. It is occurred due to the difference of Excise duty in imported material, which were
charged 10% in March and revised to 12% in April. Thus, imports also reached at
lesser prices (booked in March), which have supported local Ferrous Scrap prices to ease down”,
said a trader based in Mumbai.
Meanwhile, Bhavnagar, Asia's biggest ship
breaking yard and biggest supplier of scrap across India also offered
ferrous scrap prices slightly lower by Rs 100/MT at Rs 26,500-600/MT.
Suppliers of rolling plates scrap in
Bhavnagar have also lowered their offers by Rs 100-200/MT. Scrap of 4 ANI plate
traded at Rs 27,000/MT, 6 ANI at Rs 28,000/MT and 12 ANI at Rs 29,200/MT.
However, HMS (80:20) was traded at Rs 31,900/MT
in Mandi Gobindgarh i.e. down by Rs 100/Mt from previous trade. MS Ingot traded
same at Rs 35,950-300/MT++
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