Scrap offers to Indian market kept stable last week after moving up by $10-15/t in the starting of this month. Market participants confirm that offers from European countries for shredded scrap (ISRI 210-211) are in the range of $425/t CFR Mumbai, where as HMS 80:20 are in the range of $405/t CFR Mumbai.
Sources also highlight that offers from US are somewhere in the range of $410-420/t CFR Mumbai for HMS-1, but buying activities gone down after domestic sponge iron (DRI) prices corrected by Rs 700/t last week.
“Buying interest was good at $410-415/t CFR for shredded scrap, but falling steel prices in Indian domestic market have made importers cautious. Trading activities at current levels are low. Experts see Indian rupee to trade in the range of 52-53 per USD, which might help boost some buying interest.” said an Indian exporter based in Mumbai.
Leave a Reply