Imported scrap offers to Indian market which jumped last week on strong currency has noticed some softness this week after rupee falls back to 53 mark against US dollar.
Suppliers optimistically raised offers when rupee had touched 51 levels last week, buyers also actively participated eyeing at weak global prices and strong rupee. Since Rupee has fallen back to 53 levels, inquiries have also gone down said local traders.
“Current offers stand at around $400-402/t for shredded scrap CFR Mumbai, which had concluded at around $405-407/t last week. HMS 1-2 offers range in between $385-390/t CFR west coast.” said an importer based in Mumbai.
Sources also tell that domestic scrap prices in European market have also corrected a bit.
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