The week opened with domestic ferrous scrap prices trending up. In Mumbai, the index for HMS 1&2 (80:20) rose by Rs100/mt from Friday to Rs22,000/mt delivered mill and the index for sponge iron fell by Rs250/mt to Rs18,600/mt del mill.
Early last week, scrap prices were bullish following strong global cues. By late week, prices had plateaued only to register an uptick this week. On Saturday, most large steelmakers increased their product prices. The raise impacted domestic scrap prices this week. Prices for different products by steelmakers have increased by Rs1,500/mt at the minimum.
In the Mandi Gobindgarh market, the index for HMS 1&2 (80:20) rose by Rs200/mt to Rs21,100/mt delivered mill and the index for sponge iron settled unchanged from Friday at Rs19,700/mt del mill. Scrap prices moved up in step with an equal rise in ingot prices.
Yards in Alang were closed for the Raksha Bandhan holiday on Monday. A Japanese vessel with 7,327ldt tonnage named KAMIKAWA MARU was sold at Alang for HKC recycling at $232/ldt lately. Shipbreakers are expecting prices to increase in the coming days with a rise in finished steel prices.