Mumbai,
There is no stopping in fall in imported scrap offers in Indian market primarily on falling scrap and iron ore prices in global market. News of US HMS 80:20 scrap being sold to Turkey at around $345/t CFR and falling scrap prices in Korean market have made suppliers cut their offers to Indian buyers as well.
Last deal done for shredded scrap from US/Europe was at around $375-380/t CFR Mumbai and HMS 80:20 being offered at around $365/t CFR Mumbai in containers, which is to be delivered in July 1st Week, according to Industry sources.
Plate and Structural (P&S) scrap being offered at around $385-390/t CFR Mumbai. Buying activities have been moderate as falling imported scrap prices have been offset by weak Rupee against Dollar (which has fallen to 11-months low of 56.64 / USD)
India is the third largest importer of ferrous scrap after Turkey and South Korea.
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