SteelMint domestic Scrap Index down on lower buying interest

SteelMint domestic Ferrous Scrap index stepped down slightly on Monday
to 97.51 point as suppliers have lowered the offers for domestic Scrap due to
weak market sentiments.

Meanwhile,
Bhavnagar Ferrous Scrap offers and rolling plates Scrap prices remain unchanged
on Monday. HMS traded same at Rs 26,600/MT. Scrap of 4 ANI plate traded at Rs
27,400/MT, 6 ANI at Rs 28,000/MT and 12 ANI at Rs 29,200/MT.

HMS
(80:20) in Mandi Gobindgarh however went down to Rs 31,600/MT i.e. down by Rs 200/MT
from last week.

According
to an importer based in Kandla, “Market looks stable now. Buyers are booking
material on immediate need. Domestic Scrap prices are unlikely to correct in
line with lesser imports in the coming weeks.”