After a long duration, the Indian imported scrap market gets momentum by the recovery rupee against dollar. Currently rupee has come down to 58.95 (INR) from 61.00 (INR) by 08-July'13 against the much stronger dollar.
According to importers, the offers coming from Europe's HMS 1&2 (80:20) are at around USD 350-355/MT CFR Mumbai. Similarly, offers from Dubai HMS 1&2 (80:20) are at around USD 345-350 /MT CFR Mumbai. However, domestic players have shown no interest in buying.
On the other side, Strong booking by Turkish mills from US resulted increase in prices of USD 4 /MT amounting to USD 370 /MT CFR Turkey. As per sources, one cargo which is to be delivered on September will compose of 30,000 MT Shredded Scrap, 10,000 MT of HMS1 and 10,000MT Plate and Structure at an average price of USD 380 /MT CFR Turkey.
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