Scrap levels collapse on poor consumption and slow finished demand in India

NEW DELHI (Scrap Monster): It was the turn of scrap after finished steel, pencil ingot to toe the line with price showing steep decline over the week. It is learnt that most of the induction furnace in Northern region are operating at 30-40% capacity owing power shortage and high tariff. However this can be contributory factor but the trigger came from fall in finished steel price levels and pencil ingot in the last couple of weeks owing to monsoon at most locations.

Prices have collapsed upto INR 1500 per tonne at Northern and Eastern locations. However, prices in other parts of the country have declined by INR 300-800 per tonne.

Courtesy: www.steelguru.com