According to provisional data released by Indian custom, in August'13, India's Ferrous scrap imports were at around 3,57,700 MT, which has gone down by 30% M-o-M as compared to the quantity of 5,10,000 MT in July'13.
India's imports from UK are at around 60,300 MT, which went down by 49%. Similarly, from South Africa the total imports which was amounted to be at 59,200 MT, have gone down by 30%, followed by US whose imports were amounted at 35,200 MT, plunged by 40% and the remaining quantities were received from other countries. All comparisons are made by previous month (July '13).
The offers coming from Dubai HMS 1&2 are in the range of USD 330-335/MT CFR Mumbai. Similarly, offers from UK and Europe for shredded scrap are being quoted at USD 370-375/MT CFR Mumbai.
This week Rupees against dollar is stable at 65-66 per USD as compared with late of August'13 which was reached 68.90 per USD. Indian scrap importers are waiting for rupee to recover and come more feasibly for importing scrap.
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