Scrap declines on poor offtake, increased supply
Scrap price turned weak in the local iron and steel market on Saturday following increased arrivals amid withdrawal of support at higher levels
By PTI |
NEW DELHI: Scrap price turned weak in the local iron and steel market on Saturday following increased arrivals amid withdrawal of support at higher levels.
However, other steel prices, including saria, garder and angle remained quiet on some support.
Marketmen said poor offtake by furnace at higher levels amid increased arrivals, largely pulled down ingot scrap prices.
Scrap govindgarh declined from Rs 36,000 to Rs 34,500-35,000 a tonne on increased arrivals.
Bhivari and Gaziabad dipped from Rs 35,600-35,900 and Rs 35600 to Rs 33,000-34,000 and Rs 33,500 a tonne respectively.
Muzzafarnagar scrap also quoted lower at Rs 34,000 from Rs 35,000 a tonne.
However, other steel prices, including saria, garder and angle remained quiet on some support.
Marketmen said poor offtake by furnace at higher levels amid increased arrivals, largely pulled down ingot scrap prices.
Scrap govindgarh declined from Rs 36,000 to Rs 34,500-35,000 a tonne on increased arrivals.
Bhivari and Gaziabad dipped from Rs 35,600-35,900 and Rs 35600 to Rs 33,000-34,000 and Rs 33,500 a tonne respectively.
Muzzafarnagar scrap also quoted lower at Rs 34,000 from Rs 35,000 a tonne.
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