Indian imported scrap prices moved up
in step with rising local scrap prices. Offers from African region and Europe
moved up by US$ 5/MT for HMS I&II (80:20) & Shredded scrap.
Ferrous scrap was offered at US$ 445/MT (HMS
80:20) from Africa (Middle East) & 470/MT (Shredded material) from European
countries. However, no booking was being heard at the said price level despite
of lower offers.
“Due to the high prices of local ferrous scrap in Mumbai,
sellers also have increased their offers to India for imported scrap. But, this
rise in prices, is short-lived as buyers are absent from the market and not
willing to purchase the materials at the current offers. We expect imported
scrap prices to correct soon,” said a market participant based in Mumbai.
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