Shredded scrap offers from European suppliers dropped by $10-13 per tonne to reach at $ 425/t CFR, Vizag port.
“Prices fell in line with weak scrap prices in US and Turkey.We supplied bundled shredded scrap (grade:ISRI 211) to an Indian buyer at around $440/t CFR Vizag in containers last month and our current offers stand at around $425-430/t CFR Vizag.” said an European based supplier.
Indian buyers show some interest in buying imported scrap as falling prices in international market and strong rupee makes it a better option over domestic scrap.
“We have seen interest from steel mills for imported scrap, as Indian steel demand tends to remain strong in October- November. Though there are less chances that steel makers will accept higher offers as rising power prices a major concern for the industry.” said Mr Ramesh Basu, an importer based in India.
Leave a Reply