Imported scrap prices to India moved up few days week when Rupee started showing signs of improvement. Importers were quite active and lot of deals were heard done at $405-407/t CFR Mumbai for shredded scrap in containers.
With Rupee slipping back to 53 levels against USD, buyers are not willing to pay more than $395-397/t for the same cargo. Last deal heard concluded was at around $397/t CFR Mumbai for shredded scrap.
“Indian domestic scrap and DRI market is stable, buyers prefer to source it from local market amid volatility in steel prices.” said an importer based in Chennai.
Leave a Reply