Ferrous Scrap offers to India went down by $5-10/MT CFR on Friday due to poor buying interest from Indian importers. They (Indian
importers) seem to prefer to wait and watch over strong Dollar in currency
market and remain on the sidelines.
Indian scrap importers are unwilling to take
fresh positions in imported scrap market on falling steel prices and weakening
rupee over the past few weeks. Rupee, in the currency market, reached as low
as 53.63/USD on Saturday.
“There is no buyer in the market at such
high prices as they are expecting prices to come down further by US$ 5-10/MT to
book material”, said a market participant.
In a recent deal, only a small quantity of 70 tons was
heard being sold at US$ 465/MT CFR Mumbai for HMS 1&2 (80:20)
Further, offers to Turkish mills remain
unchanged on Saturday at US$ 450-455/MT CFR Turkey for HMS 1&2 (80:20).
On Friday afternoon, 3 cargoes were heard being booked from the USA. A mixed cargo of HMS 1&2 (80:20), shredded and
P&S was sold at US$ 450/MT CFR, US$ 455/MT CFR and US$ 460/MT CFR,
respectively, to a mill in Northern Turkey.
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