Imported scrap offers to Indian market remained firm, importers kept their offers firm at $395/t CFR Mumbai for shredded scrap. With strong currency importers anticipate more and more steel mills to participate next week.
“Offers have been firm, we expect strong rupee against dollar will make steel mills to make purchases next week. There are offers for shredded scrap between $395-400/t CFR Mumbai. Some offers are also heard to be in range of $390/t CFR Kandla (shredded scrap from Africa)” said a market trader based in Mumbai.
With Chinese market expected to stay strong post holidays and some upside movement seen in Turkey market, it is anticipated that scrap prices likely to move in global market.
Leave a Reply