Ferrous Scrap prices
in Chennai remain firm despite of low buying interest from the steelmakers.
Buyers are reluctant to book materials on high prices and sellers are unwilling
to correct their prices.
“Market looks more
volatile these days as prices are still high despite of weak buying. Among
uncertainties, we expect prices to remain firm in the days to come with support
of higher priced imported Scrap & weakening Rupee. But, weak demand might
also leave some room for prices to ease down”, said a market participant in
Chennai.
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 26,400.
However, suppliers of rolling
plates scrap in Bhavnagar, raised their offers by Rs 600/MT in scrap of 10 ANI
& 12 ANI plate. Scrap of 10 ANI plate and 12 ANI plate traded at Rs
29,600/MT and 29,800/MT.
HMS (80:20) was also traded lower
at Rs 31,500/MT in Mandi Gobindgarh i.e. down by Rs 100/MT from previous trade.
MS Ingot traded at Rs 35,200-35,250/MT (Basic Price) i.e. down by Rs 250/MT
from previous trade.
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