Imported scrap offers to Indian market have remained stable this week, with few more deals heard to have concluded on Indian west coast at around $405-406/t CFR Mumbai for Dubai HMS 80:20.
Importers highlight that demand has improved over last few weeks on reasons like power prices have gone up, so steel units are preferring scrap over sponge iron. Another reason they mentioned that, sponge iron available in Indian market is not of superior quality as high grade iron ore is very rare in the market after mining issues.
“We have bought HMS 80:20 from Dubai at around $406/t CFR Mumbai and HMS-1 from Muscat at $415/t CFR Mumbai. We have offers for west African HMS 80:20 material at $370-380/t CFR”, said a steel mill based in Mumbai.
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