Offers
for ferrous scrap imported to India continue to remain firm this week. Offers
for HMS 1&2 (80:20) reach at US$ 480-490/MT CFR depending on the quality and
the origin of the material.
Importers
have held their purchases for bulk orders and prefer to wait and watch. Value
of Rupee in currency market continues to fall that prompted Indian importers to
stay away from the market.
In
a recent deal, a cargo of small quantity of around 800 MT of HMS 1&2
(80:20) was heard being sold at US$ 490/MT CFR Kandla (Dubai origin).
Dubai
based suppliers offered HMS 1&2 (80:20) at US$ 485-495/MT CFR i.e. slightly
down by US$ 5-10/MT CFR from last week to intact demand.
According
to an importer based in Mumbai, “We expect prices to come down in the weeks to
come as value of Rupee in exchange market is continuously decreasing.”
Further,
Offers to Turkey remain at US$ 445-450/MT CFR Turkey from Black Sea region. It
was reported that 2 bulk cargoes were bought from a Black Sea supplier by a top
mill in Turkey in addition to a large booking.
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