Imported scrap offers to Indian market corrected by almost $6-8/t over depreciating Rupee against USD and falling steel prices in Indian market. Current import duty imposed on imported scrap have also weighed upon the prices mention industry participants.
Indian importers heard to have concluded deals for US/UK shredded scrap at around $385/t,CFR Mumbai in containers. Some importers claim that they have offers from Dubai at around $382/t.
“Prices have corrected further this week. We have purchased shredded scrap from US at around $385/t CFR Mumbai. Prime reason is that global prices are melting, specially buying from Turkey is very weak.” said an importer based in Mumbai.
Another importer based in western region mentioned that HMS offers from Africa and Dubai are in the range of $370/t CFR Mumbai. Although not many deals are taking place. He also mentioned that there are offers for P&S scrap at around $390-395/t CFR Mumbai in containers.
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