Imported scrap offers to Indian market which had dropped up to $20 last month on weak demand from steel mills, is expected to gain momentum, said industry participants.
“Interest from steel mills have increased in last few days on strong currency and also e-billing imposed in state of Punjab (furnaces are keen to buy imported scrap as it comes with all documents and bill, which is not in the case of domestic scrap). Rupee is expected to stay strong and can even touch 50 mark in coming months. We anticipate scrap offers to India go up as importers are keen to book cargoes.” said an importer based in Kandla port.
On the other hand some importers claim to have received higher offers from Europe and US.
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