Ferrous
scrap offers to Indian importers stay at US$ 455-465/MT CFR from European and
US suppliers. Whereas, Dubai based suppliers offer HMS (80:20) at US$
465-470/MT CFR Nhava Sheva Mumbai.
According
to a market source based in Mumbai, “Rupee continues to fall in currency exchange
that has prompted importers to hold their cargoes. Offers are likely to remain
at the current level by the end of this month.”
Rupee
touched a 9 weeks low at 51.21/USD due to year-end dollar demand and slowing
foreign institutional investments in the local stock market
“Demand
for the material in domestic market is also weak due to high prices. Further,
importers are also unlikely to build the inventory ahead of financial year
closing. It has made the offers unchanged this week so far”, another market
participant commented.
Turkey Market
The Turkish ferrous scrap import market remained
busy with US scrap supplies over the past three weeks. More
than 15 cargoes have been booked from US shores since the start of March as
suppliers offloaded cargoes even as prices dropped back from February levels.
Turkish
buyers booked such cargoes at US$ 435-440/MT for HMS 1&2 (80:20), including
a recent deal of around 20,000 MT and US$ 445/MT CFR for shredded material.
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