Indian Ferrous Scrap Offers Slip Upto INR 1,200/MT W-o-W
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On weekly basis, Indian Ferrous scrap offers plunged by INR 500-1,200/MT. Highest prices fall is recorded in Chennai. Meanwhile scrap & MS billet offers have declined in same proportion.
Current HMS (80:20) scrap prices in domestic market are hovering in the range of INR 14,500-18,200/MT (USD 215-275/MT) ex-works. Whereas global HMS scrap offers are prevailing at USD 222/MT (INR 14,850/MT), CNF India.
Jalna based trader, who deals in Indian scrap quoted "Falling billet prices and Increased sponge availability are declining domestic scrap prices."
Till 16th of Oct, India's monthly ferrous scrap import is around 127,895 MT. Meanwhile nation imported around 271,000 MT ferrous scrap in Sep'16.
Smelters in south and western regions are hopefull for further fall in domestic scrap prices on anticipated few bulk shipments in the coming month i.e. Nov'16.
Indian Scrap (HMS 80:20) Offers as on 21 Oct'16
| Particulars | Prices | W-o-W | M-o-M |
| Ex-Mandi Gobindgarh | 18,200 | -500 | -300 |
| Ex-Durgapur | 16,700 | -200 | +350 |
| Ex-Raipur | 17,100 | -500 | +200 |
| Ex-Alang | 17,200 | -300 | +100 |
| Ex-Jalna | 16,100 | -600 | -600 |
| Ex-Mumbai | 16,200 | -300 | -100 |
| Ex-Chennai | 14,500 | -1,200 | -2,000 |
Prices in INR/MT
Source: SteelMint Research
