With rising scrap prices in international market and falling Rupee against USD, Indian scrap importers prefer to wait and watch. Also falling steel prices in domestic market have kept trade activities low in imported scarp market.
Market participants tell that shredded scrap is being offered to Indian market in the range of $423-430 per tonne CFR Mumbai (in containers) and HMS in the range of $407-412/t CFR Mumbai (in containers), although buying activities are poor on falling steel prices in domestic market.
Participants also say that scrap and sponge iron (DRI) available in domestic market are cheaper than imported scrap.
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