With falling steel prices and low demand for imported scrap on depriciating rupee, imported scrap offers to India have also corrected by $5-10/t in last few days.
“Currently HMS 80:20 offers from Africa stays at $380-390/t (CFR Chennai), which was $390-395/t last week.With falling rupee no body wants to take position in imported scrap market.Also on power cuts demand for scrap and sponge iron is low.
Buyers might show some interest if rupee recovers of offers fall by another $10-15 per tonne.” reported a renowned importer based in Chennai.
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