Despite hike in scrap prices in US market, some exporters from Dubai are willing to sell their HMS-1 at around $400/t CFR Mumbai.
“Indian steel prices have corrected over Rs 1000-1500/t ($18-27) in last one month.Rising power prices have put more pressure on margins.There are very few buyers for imported scrap as domestic scrap supply is quite sufficient.Probably we might see some response in month of September, when steel demand improves in India.Our offers still stand at $400/t, CFR Mumbai for HMS 1 from Dubai.” said Mr Agarwal,an exporter based in Dubai.
Last deal was concluded at $397/t CFR Nav Sheva, he further added.
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