Indian imported Scrap market is catching momentum as Rupee appreciates against Dollar in the month of September. Currently Rupee is trading in the range of 61-63 per USD which has improved by 7-8% M-o-M.
SteelMint assessed that the offers from Dubai HMS 1&2 increased by USD 5/MT. Currently the offers quoted from Dubai HMS 1&2 are in the range of 340-345/MT CFR Mumbai. Similarly, offers from UK and Europe for HMS 1&2 are being quoted at USD 353-357 CFR Mumbai and Shredded at around USD 375-380/MT CFR Mumbai.
Scrap imports to India are around at 265,000 MT in September '13 (till 25), while, around 285,000 MT was imported in the same period of August'13. Whereas, around 357,000 MT was imported for the month of August'13
According to market participants, few deals which have been concluded this week is because of improve in Rupee and in the upcoming days trade will be more feasible if Rupee comes under 60 per USD. Market traders also believe that there is scope of increase in imports of scrap in coming weeks looking at Indian Rupee, which is finding strength.
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