Indian Scrap importers are interested in the imports owing to the increased demand and high domestic Scrap prices. Stable exchange rate also supports the interest.
Indian importers are eyeing at the benefit of high domestic Scrap prices and stable exchange rates. Domestic Scrap prices increase by 700-1,000/MT M-o-M and today Mumbai domestic HMS trade prices were at INR 22,700-22,800 (Basic), followed by stable INR at 62-63/USD over a month.
SteelMint assessed that offers from Dubai for HMS 1&2 stands at USD 350-360/MT (INR 22,700/MT) CFR Mumbai, which is increased by USD 5-7/MT W-o-W. Similarly, offers from South Africa for HMS 1&2 are quoted at USD 345-350/MT (INR 22,000) CFR Mumbai. International offers increased are high as Turkey buying improved over last month.
Currently, offers from UK and Europe for shredded scrap are quoted at USD 375-380/MT CFR Mumbai and HMS at around USD 360-365/MT CFR Mumbai.
According to Mumbai based importers “the offers from UK and Europe are quite high for India because Turkey is purchasing Scrap upto USD 20/MT higher. Also, the material is of high quality as compare to Dubai and S. Africa.”
Other Dubai based importer says, “Inquiry from India market increases in last couple of days as delivery period from Dubai to India (approx 10-15 days) is low as compare to US/UK (approx 20-25 days)”
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