Offers for ferrous scrap to India went down on appreciating
Rupee against Dollar and lesser enquiries for imports in the global market.
With China off for a week due to Lunar New Year, enquiries
have dipped from China. So, suppliers have reduced their offers to attract
Indian importers into the market.
Indian importers have resumed buying this week after Rupee
gained against Dollar. Export offers from US & Europe have also fell over
the past few days due to weak buying interest globally.
Containerized HMS (80:20) from UK was quoted at 440/MT CFR
Nhava Sheva Mumbai while shredded scrap was quoted at 450-460/MT CFR Mumbai.
However, market participants expect offers to rise from next
week as both Turkish and Chinese buyers will return to the market post Lunar
Year.
A recent deal of 500MT of mixed HMS (80:20) from UK was heard
being concluded at US$ 430/MT CFR Mumbai.
According to an importer based in Mumbai, “Offers for ferrous
scrap are likely to rebound next week on wards once Chinese buyers are back.
Demand for ferrous scrap will also improve as stable Rupee will allow importers
to close more deal.”
Leave a Reply