SteelMint Indian Scrap
Index inched up to 90.46 points on Friday, up by 0.35 percent in line with the
hike in scrap offers amid short supply.
Indian ferrous scrap
prices move up sharply on Friday on the back of shortage of the material in few
places like Jalna, Bhavnagar and Kandla. Scrap suppliers are reluctant to cut the
offers further. Demand was also heard being improved in some places like Alang
and Bhiwadi, where prices moved up by Rs 500-700/MT.
“Scrap suppliers raised
the prices in line with higher steel prices (due to rise in power cost) but it
is short lived. High input cost will restrict steel makers to purchase scrap at
higher prices”, said a trader based in Jalna.
Trading activities
continued to remain stop in Mandi Gobindgarh as secondary steel manufacturers go
on a strike on new e-Bill system.
Meanwhile, HMS scrap
from ship breaking traded significantly higher by Rs 400/MT and quoted at Rs
24,300/MT. Offers for rolling plates Plate cutting scrap have also increased by
up to Rs 500/MT. Scrap of 4 ANI plate traded at Rs 24,500/MT, 6 ANI at Rs 25,500-600/MT
and 12 ANI at Rs 26,700/MT.
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