India continues to use domestic scrap as the mills are waiting for the shipment of booked bulk scrap cargo making domestic scrap favorite over imported scrap. The domestic market of scrap is appearing strong over the past few months.
The prices of domestic on Nov’16 (Ex. Mumbai) was INR 16,542/MT (USD 247/MT) which gradually moved up to INR 22,638/MT (USD 350/MT) in April’17. A total increase of approx. 37%. And on the other hand the prices for imported scrap moved from USD 245/MT to USD 309/Mt over the period of Nov’16 to April’17 showed an increase of 26%
Imported scrap offers USD 300-305/MT, CFR India Shredded are now assessed at USD 295/MT, CFR India and HMS (80:20) at USD 280/MT from Middle East, USD 275/MT from UK and USD 280/MT from Australia.
According to Sources, “Indian mills are waiting for the booked bulk scrap cargo to reach India which is expected to reach by 1st week of June 2017.Domestic scrap prices are lesser than the imported scrap”
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