There is some relief to steel mills in India as imported scrap offers have corrected by $3-5 per ton in last few days on lack of buying at higher price.
India's dependence on imported have grown significantly on falling sponge iron production. In 2012-2013 India imported almost 7.7 million tons of scrap from regions like USA, South Africa, UK, Canada and Middle East.
Current offers from US and UK for shredded scrap ISRI211 being offered in the range of $410-415/t CFR Mumbai and HMS 80:20 is being offered in the range of $400/t CFR Mumbai in containers.
South African HMS 1&2 offered in the range of $395-400/t CFR Mumbai and P&S scrap stands at $415/t CFR Mumbai in containers.
HMS 1&2 from Dubai trades at $405/t CFR Kandla, said importers in a scrap conference conducted by MRAI (Metal Recycling Association of India).
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