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Direct Reduced Iron prices likely to advance and ferrous scrap prices falls sharply again

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by - 5/11/2012 10914 Views

A forecast from the sponge iron manufacturers and report on ferrous market

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For the past few days the Indian steel market is under fluctuation. Though some changes took place in the ingot prices, however there were no improvement in the Direct reduced Iron prices. But, the DRI manufacturers believe that due to the weak rupee value that made the import expensive may also show the way for the improvement of DRI prices. Less supply of domestic scrap, low production and high cost of raw materials are the other factors that may hike the DRI prices.

 

Weak demand has yet again caused the fall of ferrous scrap prices by upto Rs.500/MT. India’s largest scrap supplier and Asia’s biggest scrap breaking yard too offered scrap at lower rates that is at Rs.28,500/ MT. It is estimated that the prices are cut shot by Rs.200/MT and offered at Rs.28,500.

On the other hand the rolling plate scrap suppliers of Bhavnagar have lowered their prices too by Rs 300 – 400 /MT. HMS scrap was traded even lesser than Rs 30,000 which means that the prices fell by Rs 300/MT from the previous transactions.
 

The prices are expected to dip further due to the following grounds –

Low or Nil purchase of raw material due to high prices

Weak demand for ingots and finished products

Category : Metal

Tags : Metal Scrap


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