Heavy rains in Mandi Gobindgarh hold buying. Earlier, in morning Mandi opened at Rs 50/MT down, after which the prices reduced again by Rs 100/MT due to low interest of buyers. In line following the sentiments Northern market slightly fell. Ludhiana offered Ingot at Rs 32,300/MT (Basic) after its price drop by Rs 200/MT. In Ghaziabad Prices are stable because of low availability of domestic scrap and high prices of imported scrap.
As per a scrap trader based at Ghaziabad “scrap prices might improve in upcoming days as a result of limited supply of sponge in monsoon, which also make offers of Ingot high”. At present Scrap of Ghaziabad is offered at Rs 28,200-300/MT (Including all, Mill heavy) and Ingot at Rs 31,000/MT (Basic).
At this time sponge is supplied to Ghaziabad from Raipur and Raigarh at Rs 18,300-19,300/MT (Basic). Freight charges are around 2,100-2,700/MT from Raipur and Raigarh
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