A stable trend witnessed at the beginning of the week could not be sustained as scrap prices moved down gradually during the week ending January 23 on continued low demand.
Prices remained firm in most of the markets at the beginning of the weak but increased availability amidst not-so-encouraging demand pushed prices down during the last two days of the week.
It was thought that scrap prices had bottomed out and there could only be firmness from the previous week’s levels and the start of the week indicated such a trend too.
However, sluggishness returned as buyers remained cautious and the offer rates had to be cut down.
A similar trend was witnessed in melting scrap, which slipped by Rs 200 per ton at Mandi Govindgarh.
Imported scrap HMS (80:20) offers from Europe were quoted at $190 per ton, while the shredded variety was quoted at $205 per ton.
Following table gives indicative prices of scrap in various markets during the past one year:
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 |
23-Jan-16 |
22-Jan-16 |
16-Jan-16 |
12-Jul-15 |
31-Jan-15 |
|
MANDI GOBINDGARH |
18,000 |
18,100 |
18,200 |
22,500 |
25,200 |
ALANG SCRAP YARD |
16,000 |
- |
- |
18,600 |
- |
LUDHIANA |
20,000 |
20,100 |
20,000 |
24,900 |
27,100 |
JAIPUR |
18,500 |
19,100 |
19,500 |
22,800 |
25,400 |
BHILAI |
16,700 |
17,000 |
17,300 |
21,300 |
24,300 |
MUZAFFARNAGAR |
18,600 |
- |
19,000 |
- |
26,100 |
MUMBAI |
- |
- |
16,000 |
21,750 |
22,900 |
GHAZIABAD |
- |
- |
19,700 |
- |
25,500 |
AHMEDABAD |
15,800 |
- |
- |
18,900 |
- |
KANPUR |
18,300 |
- |
18,700 |
22,300 |
- |
INDORE |
18,300 |
- |
18,500 |
- |
- |
MANDI GOBINDGARH |
20,000 |
20,100 |
20,200 |
- |
- |
Source: Traders & ISMW