The new vessel of shredded scrap is expected to arrive at Chennai port on 10 July according to industry sources. The total quantity of shredded scrap is approx 32,000 MT, which is being loaded from Australia, the vessel name is Orient Singapore. On preceding month there is only one shipping movement has been occurred in Chennai port of around 30,900 MT of Shredded Scrap and it had also arrived from Australia (Adelaide port).
Indian import of scrap has been hit hard by currency fluctuation. Sources say deal was sometime in the month of May and was concluded at around $395-400/t CFR Chennai port.
The imported market of scrap is continuously dull. European and American sellers offering are in the range of 370 – 380 $/t CFR for shredded and around 360 $/t. CFR Mumbai and Middle East suppliers are offering HMS 1 &2 at around $330-335/t CFR.
On the other side, the domestic market has also been under pressure on seasonal slowdown. At presently the offers are quoted at Raipur Rs 23,300 /MT (Basic price), Chennai at Rs 23,200 /MT (Basic price), Mumbai Rs 21,500-700/MT (Basic price).
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