Strong Dollar (1$= Rs 55.6) and falling steel prices have made sellers to cut their offers for scrap to Indian market.Market participants highlight that weak demand have made buyers to stick to DRI and domestic scrap, which is comparatively cheaper than imported scrap.
“There are not many buyers for imported scrap in India. Current offers for HMS hover around $400-405/t CFR Mumbai and Shredded being offered at $415/t CFR (down by $10 from last week). Weak Rupee against Dollar have made trades very limited.” said a scrap importer based in Mumbai.
Market traders also highlight that demand for scrap has gone down as many small and medium mills in India have cut production on widening losses.
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