Imported ferrous scrap purchases continues to remain dull since last two weeks. Market participants believe that ongoing monsoon season is one of prime reasons behind the slowing down and holding of the bulk purchases of ferrous scrap.
Also after rolling out of new tax regime – GST in Jul’17 most of the traders were waiting for overcoming the ambiguity over the effects of GST. Owing to this, traders are anticipating trades to remain thin in the near short term.
Offers for the containerized HMS 1 & 2(80: 20) currently stands at USD 285-290/MT, CFR India whereas Shredded scrap offers are hovering in the range of USD 315/MT CFR India.
Indian bulk scrap import updates – 11 bulk scrap import vessels have been reported at Indian ports so far in CY17 making a total quantity of 295,020 MT.
According to customs data maintained with SteelMint, 11th bulk scrap import vessel Hai Pong 08‘ carrying 11,400 MT scrap is expected to arrive at Chennai port on 19 Jul’17.
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