Ferrous scrap
exporters continue to keep their prices firm to Indian importers on global
price support. Ferrous scrap sellers offering containerized scrap into India
held offer prices firm again this week on higher freight costs and fair demand
in global ferrous scrap market.
Importers have been reluctant to book the
material at these prices. They have idle inventories with them, as steel
manufacturers in India stay away from the market ahead of March Financial Year
ending.
Import offer prices from Europe and the UK
stood at US$ 455-465/MT CFR Kandla & US$ 475-480/MT CFR Kandla for HMS 1&2 (80:20) and shredded
scrap respectively.
Meanwhile, a recent deal was concluded of
around 250 MT of HMS (80:20) even at US$ 445/MT due to the close relationship
between the supplier (UK) and the buyer (based in Kandla).
According to an importer based in Kandla, “Scrap
buyers are likely to keep themselves away from the market this week. Financial
Year is about to end this week and Rupee is also weak in the exchange market.
So, they are unwilling to procure the material at such price level”
Leave a Reply