There is no stopping in fall in scrap prices in international market.Prices in US, Turkey,India and South East Asian countries fell around $15-20 in last one month.
Current offers for shredded scrap from Europe stand at around $400/t CFR Mumbai, where as HMS 1-2 offered at $380/t CFR Mumbai. Indian steel mills see prices almost bottoming out and a slight fall in prices will lead to aggressive buying.
” We see importing scrap is a good option as DRI (sponge) and domestic scrap prices are still high. Strong rupee and falling scrap prices in global market will give us an opportunity to take positions.” said a induction furnace owner based in Mumbai, India.
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