European Scrap offers to India down by $5/MT CNF

Offers
for ferrous scrap imported to India down by US$ 5/MT on weakening Rupee in the
currency market. Importers expect further correction in prices anticipating the
more discounts on the bulk orders.

Offers
for HMS 1&2 (80:20) went down to US$ 475-480/MT CNF depending on the
quality of material. Shredded Scrap was traded around US$ 490-495/MT CNF Nhava
Sheva Mumbai.

Meanwhile,
Dubai based suppliers have also reduced the offers for HMS 1&2 (80:20) to
Indian importers to offset the recent hike in freight rates. It was 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.

“We
are asking for more discounts on the material due to high value of Dollar
against Rupee in currency market”, an importer based in Mumbai commented.

Rupee
continues to fall in currency market and reaches as low as 53.47/USD. It has
restricted Indian importers to book bulk orders.