Imported shredded scrap offers to India remain firm at $420-425/MT, with buyers completely out of the market. With weak Rupee imports are almost unfeasible and most of induction furnaces are relying on domestic scrap or sponge iron, which is cheaper by Rs 1,000-1,500/MT, said a scrap importer based in Mumbai.
Imported offers sustain after Turkish mills start stocking pre-Ramdan festival.Buyers might show some interest if offers come down to $370-380/MT CFR, which looks difficult at the moment, he further added.
In a recent deal, a cargo of around 150 MT of containerized HMS 1&2 (90:10) was heard being sold at $407/MT CFR Kandla.
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