India Steel Market Watch
October 12: Domestic scrap offers eased on low buying by end-users, industry sources told ISMW.
With depreciation in currency rates, imported scrap offers also fell to $204 per ton from $212 per ton earlier on low booking and possible increase in inventory levels. The shredded variety is available at $220 per ton.
Scrap prices have moved in a range of Rs 17,500 -22,000 per ton.
Rolling rates fell in Alang by around Rs 500 per ton.
Scrap currently contributes 18-20% of India's crude steel-making.
In the April-August period of 2015-16, scrap imports stood at 2.55 million tons as against 2.24 million tons, an increase of 13.8% year-on-year. During the same period, re-rollable scrap imports stood at 214,500 tons as against 142,300 tons, a growth of 50.8% year-on- year.
US$ 1=Rs 64.81