SteelMint Indian Scrap
Index has declined by 0.44 percent to reach 91.25 points on Wednesday.
Indian ferrous scrap
prices continue to fall in line with the falling steel demand. Scrap prices
went down by another Rs 500/MT.
Scrap suppliers in
Jalna, Maharashtra (India) have reduced the offers for HMS grade by Rs 500/MT
on Wednesday as material is reaching from other states including Karnataka and
Andhra Pradesh (as there are power cut issues and scrap demand is absent) in
improved quantity. It has made the scrap cheaper in the market.
Bhavnagar ship
breaking scrap prices dropped by another Rs 100-300/MT. HMS traded at Rs 24,000/MT
(Basic Price, ED & Taxes extra), down by Rs 100/MT.
A market source (based
in Chennai) commented, “There is no healthy demand for finished goods in the
market due to low infrastructure development in the region. It has lowered the
demand for Billet & Scrap as well. Recent power cut issues and heavy rainfall
has also pulled the scrap demand down.”
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