Rising scrap prices in International market have made UK and US exporters to raise their offers to Indian market by 10-15 per tonne this month, but Indian buyers shy away on high prices, stagnant steel prices and weak Rupee against dollar, said market sources.
“Offers have shot up by $15 per tonne this month, currently HMS 1&2 stands at around $405-410/t CFR Mumbai ,and good quality shredded scrap is being offered at around $425-430/t CFR Mumbai. Though there are no buyers as steel prices in Indian market are very stagnant and above that weak Rupee makes import very expensive over domestic scrap prices.” said a steel mill based in Wada.
There were active trades which took place few weeks back when Rupee was strong and scrap prices were also low. Way things are moving, we do not see steel prices in Indian market moving up sharply, he further added.
Market sources tell SteelMint that International scrap prices are moving up as Turkish mills are very active and also ready to pay high for imported scrap.
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