Scrap traders are having a heyday with steel mills making beeline to pile stock before the New Year holidays.
Since the beginning of the month the scrap levels have improved by USD 40 per tonne.
Local buyers, have been showing stronger buying activity due to improved demand from the finished good segment. This has encouraged them to maximize profits before the year ends.
European suppliers have been quite active.
The transaction levels have gone up by USD 10 per tonne to USD 15 per tonne over the week. The current prevailing transaction levels are in the range of USD 420 per tonne to USD 425 per tonne, CNF for HMS 1&2 (80:20), whereas USD 440 per tonne to USD 445 per tonne for shredded scrap.
Curtailed scrap generation and healthy domestic demand in Europe and USA has further contributed to the spiraling prices.