Indian scrap importers have something to cheer about as rupee
has shown strength (as it has recovered from 54- 50 against a dollar). But they
prefer to wait and see anticipating the further correction in prices and appreciating
rupee against Dollar.
Offers for HMS (80:20) remain unchanged at US$ 450-455/MT CFR
Kandla. The same grade of material was offered at US$ 455-460/MT CFR Mumbai.
Offers for shredded scrap remained at US$ 465-470/MT CFR Mumbai. These offers
are almost same from last week.
A cargo of around 5,000 MT of HMS (80:20) was offered at US$
430/MT CFR Mumbai from Mauritius origin. While another cargo of Super HMS was
offered at US$ 490/MT CFR Mumbai from UAE.
“Activities in the imported ferrous scrap market show
some signs of improvement as importers have booked some fresh orders last week
on appreciating rupee. Prices for ferrous scrap in Mumbai remain
firm. More deals are likely to happen in coming days as rupee is likely to
appreciate further.” said an importer based in Mumbai.
“We
are expecting rupee value to correct further and held our purchases in
anticipating of the same. Suppliers might also raise their offers in line with
the depreciation in value of Dollar. So, prices are likely to move by US$
5-10/MT in the coming weeks”, said an importer based in Kandla.
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