Imported shredded scrap offers remain largely unappealing to Indian buyers amid the domestic downturn. Shredded scrap is currently being quoted at $360-365/t CFR Chennai, equivalent to INR 31,500-32,000/t, placing it at parity or a slight premium to domestic HMS. Given the elevated ocean freight rates and a sharply depreciated rupee, imported material is being booked only by select mills prioritising specific quality or recovery metrics. In general, the availability of domestic scrap at competitive prices and shorter lead times has reduced reliance on imported material, keeping further upside pressure in check.
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