Falling steel prices, production cut and ample supply of domestic scrap and sponge iron (DRI) in Indian market have made scrap importers prefer to wait and watch.
“There is not much of action taking place in Indian scrap market as scenario is not favorable at the moment. Current offers for HMS 1&2 firm at $380-385/t CFR Mumbai (in container) and shredded scrap from Europe is being offered at around $400-405/t CFR Mumbai (in containers). However domestic scrap and sponge iron is cheaper than imported cargo.” said an importer based in Mumbai.
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