Scrap offers were down on July 30 compared to a week ago, market sources said.
The prices dropped on subdued sentiment and low procurement, they said.
Prices were down by Rs 100-300 per ton in Mandi Govindgarh, Jaipur, Bhilai, Mumbai, Ahmedabad, etc. In Ludhiana, however, prices were up by Rs 100 per ton.
Melting scrap prices were down Rs 100 per ton.
India’s containerised shredded scrap import prices stood at around $223 a ton CFR Nhava Sheva Port.
Deals were booked throughout the week. However, with the market outlook continuing to be unclear, mills held back from booking any more material than was absolutely necessary.
With the news of Brexit shocking the markets, market participants believed that the currency volatility may reduce trade activity in the short term.
On the other hand, if the currency continues to strengthen it would lead to scrap prices becoming more affordable and hence encourage further buying in the market.
Prices of scrap in various markets during the past six months (Rs/ton)
NAME OF THE MARKET |
Price Rs./Ton as on |
Price Rs./Ton as on |
Price Rs./Ton as on |
Price Rs./Ton as on |
Price Rs./Ton as on |
30-Jul-16 |
29-Jul-16 |
23-Jul-16 |
30-Jun-16 |
1-Feb-16 |
|
MANDI GOBINDGARH |
17,000 |
16,800 |
17,100 |
17,550 |
17,100 |
ALANG SCRAP YARD |
15,300 |
15,300 |
15,300 |
15,200 |
- |
LUDHIANA |
19,300 |
19,000 |
19,200 |
20,100 |
19,200 |
JAIPUR |
16,800 |
16,800 |
17,100 |
17,700 |
17,900 |
BHILAI |
15,200 |
15,200 |
15,300 |
16,400 |
15,600 |
MUMBAI |
15,000 |
- |
15,200 |
- |
- |
AHMEDABAD |
15,100 |
- |
15,200 |
- |
14,900 |
KANPUR |
16,800 |
- |
- |
- |
- |
INDORE |
17,800 |
- |
18,000 |
- |
- |
MANDI GOBINDGARH (MELTING SCRAP) |
19,000 |
18,800 |
19,100 |
19,600 |
19,200 |
Source: Compilation from various sources & ISMW data