Shredded Scrap Concluded at $415/t, CFR Indian West Coast

Rising scrap offers in global market and improving steel prices in Indian market have made Indian scrap importers to pay high for the cargo. 

Market traders in India highlight that steel prices in domestic market have recovered almost Rs 1500 per tonne (about US$25) in last one month, also steel mills are willing to secure imported cargoes on anticipation that Indian rupee will recover against US dollar before federal budget (to be announced in March).

“There are offers from UK suppliers at $415/t CFR Mumbai for shredded (ISRI 211) and $400/t for HMS (ISRI 200-202) in containers. Where as offers from middle east for HMS are around $395/t CFR Mumbai in containers.Indian steel mills are willing to buy imported cargoes, although not very aggressively.” said an importer based in Mumbai.