Ferrous scrap offers to India
remain stable on Saturday as demand for the material continues to improve this
week. Strengthening Rupee in the Forex market has supported importers to book
bulk orders. Fewer deals have been closed this week between US$ 445-455/MT CFR
Mumbai depending on the quality and origins.
A cargo of around 1,100 MT of
Shredded scrap was offered at US$ 460/MT CFR Kandla. But, no deals were closed
at the quoted price. HMS (80:20) was offered at US$ 445-455/MT CFR
Kandla.
“Buyers (in India) remained
busy this week as prices were low as per their expectations. Demand for the
material is also likely to improve in the coming weeks with the support of
Rupee in the Forex market. Local market in European region remained calm this
week due to weak buying interests. It has eased the offer prices from Europe”,
said an importer based in Kandla.
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