Imported scrap offers to Indian market have corrected by another $5-8/MT on depressed buying and weak Rupee against USD (1$=Rs 57.7). Market sources mention that current offers from Dubai are hovering around $360-365/MT CFR Mumbai for HMS 1&2 (Dubai Super) in containers.
Scrap importers also highlight that offers from Europe have also dropped by around $5/MT, shredded scrap offers are largely in the range of $368-370/MT CFR Mumbai. Recently a large deal was heard done by Jindal for shredded scrap at around $368/MT CFR.
However offers from US suppliers are stable at $370-374/MT CFR Mumbai, as domestic scrap prices in US market have shown some improvement and also Turkish steel mills have started stocking before Ramadan festival.
Some scrap importers based in Kandla, India's west coast; claim to have offers from Africa at around $355/MT CFR. Overall scrap imports to Indian market have not been very encouraging. Also sponge iron prices have fallen a bit, giving some more room for correction.
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