Buying sentiments for Imported Scrap from Indian steel makers looked depressed this week. HMS scrap Offers pertaining in the range of US$ 370/MT CFR Mumbai

Buying interest for imported Scrap have calmed down with steel prices in Indian domestic market showing resistance. Indian Scrap importers who looked active in the month of December 2013 have sidelined themselves owing to volatile Indian currency and rising offers from Middle East suppliers.

Market sources mention that, trade activities have come down this week owing to correction in steel and sponge iron prices in Indian domestic market. Sources also mentioned that importers are hopeful that when European and American exporters will come with their cargoes in the market, prices will come under pressure. As supply from these countries have been low due to extreme winters.

Trade Wise

• Middle East suppliers offering HMS scrap at US$ 370/MT CFR Nava Sheva (In Containers)
• Turning Boring scrap bough by an Indian importer at US$ 356/MT CFR Chennai
• European offers are at US$ 385/MT CFR Nava Sheva (in Containers)
• Japan Steel cuts Scrap purchase price