Imported scrap offers to India fall sharply as Rupee hits 60/USD

Indian rupee hitting 60/USD on Wednesday, making it the weakest currency in Asia, which has corrected over 12% since May 2013. Falling rupee has made global scrap suppliers to cut their offers to Indian buyers.

“There are absolutely no trade in last 2 weeks. Offers from middle east have come down by almost $10-15/t owing to weak Rupee. Current offers for Dubai scrap (HMS 1&2) are at $345-350/t CFR Mumbai. Though buying interest may generate at $340-342/t.
” said an importer based in India's west coast.

On similar lines another importer based in Kandla have reported to getting offers from European suppliers at $347/t CFR for HMS 80:20, which is also down by almost $10-15/t from last weeks offer.