It was reported to
SteelMint that ferrous scrap offers to India likely to move up with the
softening Dollar against Rupee.
“Suppliers may raise
their offers in line with the strengthening Rupee in currency market. Rupee is
likely to grow in the currency market in the coming months and it might help
scrap exporters to hike their prices”, said a major scrap importer based in
Mumbai.
“Buyers might take some time to accept the hike in prices but it is likely to improve in the days to come. Offers have bottomed out and suppliers were unwilling to cut their offers below $380/MT CFR despite a sharp decline in value of Rupee in past few months”, another market participant commented.
Offers for HMS (80:20)
are hovering at $380-415/MT CFR in India, based on the qualities and the
origins of the material. Market sources expect it to reach to 390-425/MT CFR in
the months to come.
In addition, offers to
Turkish mills from Europe have move up slightly by $5/MT CFR Turkey. The latest
cargo was sold from Europe at $382/MT CFR for HMS 1&2 (80:20), $387/MT for
shredded and $397/MT for P&S scrap.
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