With Indian rupee continue to trade strong against US dollar on positive global sentiments and strong Euro, Indian scrap importers look to book some imported scrap.
Imports of scrap had been very low from last few months amid weak rupee and falling steel prices. Now since international prices have come down and rupee has recovered fairly, importers will place orders.
“Currently HMS 80:20 offers are around $400-410/t,CFR Mumbai from Europe and around $370-390/t,CFR Mumbai from Africa.
If we consider rupee at 54.50 against dollar, imported scrap will be slightly cheaper.” said a large importer based in Mumbai.
Indian importers are bullish on further Rupee recovery and anticipate scrap imports to get active in coming weeks,he further added.
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