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Ferrous scrap offers firm in India

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by - 5/4/2012 7546 Views

Ferrous scrap offers in India remain firm despite lower buying interest from steel manufactures.

Ferrous scrap offers in India remain firm despite lower buying interest from steel manufactures. Lower priced imported scrap also made sellers unwilling to correct their prices. Scrap buyers show less interest in placing orders at high prices and also due to weakening rupee value. However, buyers expect that weak demand might also make room to bring down the prices.

West Indian scrap market has shown a negative trend since amid weak the buying interest from steel manufactures and large stock with the suppliers also pushed prices down. Gujarat and Mumbai HMS 1&2 prices witnessed a downfall by Rs 200/MT today and the prices remain Rs 26400/MT in Gujarat and Rs 26500/MT in Mumbai.

South Indian Scrap Prices remain firm throughout this week. Unchanged prices and weak interest made buyers reluctant to place orders for scrap. HMS 1&2 prices in Andhra Pradesh remains unchanged for more than 15 days at Rs 25500/MT. However, HMS 1&2 prices in Chennai has experienced a hike by over Rs 1000/MT on last Monday and remains at Rs 26500/MT for last three days. According to a local trader in Chennai, due to market uncertainty, the prices are expected to remain firm in the days to come.

North Indian Ferrous Scrap Prices also witnessed a downfall because of lower buying interests. HMS 1&2 was traded at Rs 31500/Ton today i.e. the prices fell down by Rs 300.00/MT in comparison to the previous trade.     

Mixed trends are seen in the East Indian Scrap Market. HMS 1&2 (Chhattisgarh) prices remain same i.e. 26500/MT. However, HMS 1&2 (West Bengal) witnessed a downfall by RS 300.00/MT to reach RS 30500/MT.

Category : General

Tags : General Scrap, Metal Scrap,

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