Exporters raise their offer for Ferrous scrap offers
to despite moderate buying from Indian steel mills.
Shredded scrap offer prices were at $460-465 per
tonne cfr Nhava Sheva, up from $450-460 cfr on December 7. This is against the
highest bids of $450-460 cfr Nhava Sheva/Chennai from Indian buyers said market
participants.
“Prices are rising primarily due to hike in
International scrap prices, where US, UK, Turkey and Japan has noticed rise
up to $10-20/mt in short time.” siaid an importer based in Mumbai.
Importers are reluctant to purchase the material
over the appreciating dollar against rupee, he added.
According to an
importer based in Kandla “Increasing dollar will not support us to buy any
cargo of ferrous scrap. Tight supply of the material will continue to make it
expensive in the market. Prices are unlikely to correct soon in both domestic
and international market”
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