Ferrous scrap offers to India remain unchanged in
the first week of March. Some bulk cargoes were being heard sold last week. HMS
1&2 (80:20) traded at US$ 465-475/MT CFR Nhava Sheva.
As
financial year comes to an end, buyers are aiming to keep raw materials
inventories to a minimum level and reluctant to pay these high prices.
Further,
softening Indian rupee against US dollar in exchange market also has forced
importers to stay cautious in the market. Shredded material suppliers from
Europe and the UK were offering containerized tonnages at $480-485/MT CFR Nhava
Sheva Mumbai.
According
to an importer based in Mumbai, “Scrap prices likely to remain stable in Mumbai
till the upcoming budget. Imported scrap prices have gone up by $10-20/MT in
recent weeks. Though, buyers are reluctant to pay high as rupee has also
weakened and crossed 50 against a dollar.”
“No bulk shipments have been reached at the port this week so far. Offers for ferrous scrap have also reached at its peak. Importers have stopped booking fresh orders and expecting prices to correct soon”, said a trader based in Kandla
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