Scrap offers to Indian market have come down recently on low buying interest from Indian steel mills, primarily due to hike in power tariffs in major steel producing states in India.
“Demand has been weak, specially since power prices have gone up by 5-10% almost all across India.Current offers for shredded scrap are in range of $413-415/t CFR Nav Sheva in containers and HMS scrap offers are around $390-395/t CFR Nav Sheva (India).” said one of the consumer based in western India.
On similar lines other buyers also mention that they are anticipating prices to come down further in coming weeks on rising power prices. However domestic scrap prices in Indian market have been stable for quite some time.Melting scrap in Mumbai is offered at Rs 23,000-23,100/t (Basic, Delivered Plant).
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