Current shredded scrap Offers from Indian importers
are coming at around $414/t CFR Kandla (delivery 10-15 days). However, buyers
look to buy at around $405-407/t CFR. Depreciating Indian rupee against
the dollar also responsible for reduced buying interests and continuous falling
import offers.
Sponge iron and domestic scrap prices are stable in
India, with domestic scrap prices around Rs. 22,000/t (basic, at Kandla port).
However with higher imports of scrap in the month of
January 2013, buyers have slowed down their purchases. According to customs
data, total scrap imported quantity to India in December 2012, was around 4,94,000MT
while imports were quite high in January 2013 at around 6,10,900MT. In February
2013, Indian import statistics shows imported scrap quantity at around 3,10,000MT
up till 16 Feb. Market participants believe that Importers are not in a
rush for further buying in coming month’s time as they had already filled their
stocks.
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