Dubai Scrap offers to India reach at $490-495/MT CFR on higher freight

Offers
for ferrous scrap imported to India continue to surge on higher freight charges
and international competitive market with improved demand. Offers for HMS
1&2 (80:20) reach at US$ 490-495/MT CFR depending on the quality from Dubai
suppliers.

It
is reported that Freight rates reach $360 (around $ 12-15/MT) per container
this month i.e. up by $80 per container from last month from Dubai to Nhava
Sheva Mumbai port.

Meanwhile,
Rupee continue to fall in currency market and reaches as low as 52.64/US$. It has
restricted Indian importers to book bulk orders.

Europe based suppliers are offering
HMS 1&2 (80:20) at US$ 480-485/MT CFR Nhava Sheva and Shredded Scrap at US$
490-495/MT CFR Nhava Sheva Mumbai. But no bulk cargoes are being heard sold at
such price.