Indian steel mills look to buy shredded scrap at around $395/t CFR Mumbai

With falling rupee against US dollar, steel mills based in India are very selective on making purchases for imported scrap said market participants.

“Indian mills are looking to buy shredded scrap for $395/t CFR Mumbai levels, while offers are at around $397-400/t CFR Mumbai. Falling currency is not generating much interest for imported scrap.” said an importer based in Mumbai.

Indian scrap index is more or less unchanged for last few weeks.