Indian importers remained calm due
to uncertainties in the global ferrous scrap market.
Offers in the international scrap have however
moved up slightly i.e. Turkish steel mills were seen paying high for the
imported scrap.
Offers for Shredded scrap rose this week to US$ 475/MT CFR
Mumbai i.e. up from the level of US$ 465-470/MT CFR seen last week. HMS 1&2
(80:20) was offered at US$ 450-460/MT CFR from various origins i.e. also up by
US$ 5-10/MT from last week.
Uncertainties in the Indian steel market and weak Rupee
against Dollar has kept Indian scrap importers away from the market.
A Mumbai based importer closed a recent deal of 15,000 MT of
HMS 1$2 (80:20) at Rs 25,000/MT CFR Chennai.
“Indian
ferrous scrap market is unpredictable at present. We are doubtful to book bulk
orders at current price level and are waiting for further depreciation in the
value of Dollar. But suppliers are unwilling to correct their offers due to
sound demand for the product in global market. All we can say is prices will
remain firm in the coming weeks”, said an importer based in Mumbai.
Leave a Reply