Indian imported Scrap market remains bearish over past couple of months because of weaker Rupee against Dollar. Importers expect Rupee to come down to 60 per USD by next week.
SteelMint assessed that offers remained stable from Dubai for HMS 1&2 at USD 335-340/MT CFR India. Similarly, offers from UK and Europe for shredded scrap are being quoted at USD 375-380/MT CFR Mumbai and HMS at around USD 355-360/MT CFR Mumbai, in containers.
As per the provisional data, the total quantity of Ferrous Scrap imports to India is around 185,400 MT (till 16-Sep) whereas, during 1st-16th of August'13 imports were around 187,412 MT.
During the month of August'13 the total Scrap imports were 357,700 MT which was down by 30% M-o-M against quantity of 510,000 MT which were imported in July '13.
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