OfBusiness MS Scrap Dailies | 19th July 2023

Price

• Today, the market opened with no change compared to yesterday’s prices in Chennai.
• Below are the latest ex-plant prices for MS Scrap in the Chennai Market:
  • Godown: Rs. 30.50/kg
  • Bazaar: Rs. 29.50/kg
  • Commercial: Rs. 28.50/kg
  • Boring: Rs. 29.50/kg
  • Godown Heavy: Rs. 32.00/kg
  • Super: Rs. 32.50/kg

Demand and Supply

• The Indian imported Scrap market remained active, and some deals were closed at reasonable prices. Steel producers are showing a higher preference for booking HMS-grade material, but there’s a pessimistic demand for semi-finished and finished steel, which is impacting overall market sentiment.
• A shortage of materials exists, as reported by a Scrap trader. Additionally, the market is facing tight liquidity issues, with an industry expert stating that they are unable to secure material at prices lower than the existing offers.

News

• On the second day of the week, 18th July, Indian buyers closed several transactions in the South Asian imported ferrous Scrap market. Nevertheless, some market players are anticipating further price adjustments.
• In contrast, steel mills based in Pakistan and Bangladesh are proceeding cautiously due to the unstable economic situation in their countries. Furthermore, market activities are currently sluggish in many regions of South Asian countries due to heavy rainfall.

OFB’s Opinion

• Today’s MS Scrap market has remained stable, with prices showing little variation.
• The decrease in MS Scrap imports hasn’t impacted prices much, possibly due to lower inventory and subdued demand. It’s expected that the market will close today with prices staying at similar levels.