Imported scrap offers to Indian market have remained more or less stable over the last one week. Buying interest from the market is missing due to falling Rupee. Indian importers say that with fluctuating currency rates, it is very difficult to make purchases. Current shredded scrap offers are hovering in the range of $375-380/MT CFR Mumbai in containers and $365-370/MT CFR Mumbai for HMS 1&2.
“There are only sellers but no buyers in Indian market. Indian Rupee has fallen almost by 4-5% in last 2-3 months. In the current situation, domestic prices are cheaper. We are not very keen on importing at this moment.” said an importer based in Mumbai.
Another importer from the Northern part of India claims that he has offers from Europe at around $375/MT CFR Mumbai and HMS at around $365/MT CFR. Backed by improved buying interest from Turkey, some strength has been noticed in the offers coming from the US.
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