Falling Rupee against Dollar and weakening steel prices in Indian market have kept Indian scrap importers quiet for last few days.
“There is hardly any buying in the market, steel mills are unwilling to place orders for imported scrap, Though offers for HMS are heard to be in the range of $400-410/t on Indian west coast, but we doubt any one would to take positions in such high volatility.” said an importer based in Mumbai.
Rupee is trading at all time low of 56.90 per USD, steel mills are preferring domestic scrap and sponge iron, which is cheaper by about Rs 1,000/t said another importer based in Chennai.
Leave a Reply