The rupee was down by 44 paise at Rs 51.78 per US dollar in early trade today which has made importers to stay away from the scrap market.
“Rupee depreciation has made imports expensive by about 5% in a months time. More over falling steel prices are also not favoring imports” said an importer based Mumbai.
We expect prices to correct further by $5-10/mt , which is hovering around $450/mt, he added.
Number of cargoes booked from Africa, Europe and Dubai has also reduced in last few days. Importers shy away from placing new orders on falling rupee and steel prices, said another importer based in Chennai
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