Ferrous scrap offers
to India remain stable between $390-415/MT CFR depending on the grades and
origins. However, trading activities in the market get soften on the back of
strength in Dollar in the currency market.
Prices are likely to
rise in the coming weeks, market sources told SteelMint.
A small tonnage of 250 MT of Plate & Structures cutting (P&S) scrap was sold at $405/MT CFR Nhava
Sheva Mumbai from a US based supplier. HMS 1 was offered at $401/MT CFR Nhava
Sheva from the same supplier as well.
“Rupee is likely to
remain at 54 levels in the coming days and it might slow the trades in the market.
We will also stop buying from the 2nd weekend of this month due to
Diwali (a major festival in India).†So activities in the market will become
slow”, said an importer based in Mumbai.
“Further, global scrap
prices is also rising in line with bulk demand from Turkish buyers. It might
also push scrap offers to India in the near term”, he added.
Dubai based suppliers
are offering the higher grade HMS at $415-420/MT CFR Mumbai. But buyers are not
willing to book the material above 400-405/MT CFR.
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