Chennai's domestic Scrap market is moving at a stable pace. Chennai HMS 1&2 (80:20), with an average price, is quoted at around 23,000/MT (Basic Price). Similarly, imported scrap offers coming from Europe HMS 1&2 (80:20) are at around USD 355-360/MT CFR Chennai .
A Chennai based trader said that no big deal occurred in last 3-4 weeks especially on imported scrap and further the traders are avoiding to stock scrap.
On the other side, Rupees has touched 61+ against the USD which has discouraged the importers from buying the materials.
As a result, domestic buyers are opting to buy domestic scrap instead of imported scrap. Monsoon is another hurdle which the importers are facing presently.
However, in July the total quantity of Ferrous scrap imported is at around 440,000 MT, out of which Chennai port has received nearly 98,700 MT. Booking of the material was done in May.
Out of the total scarp imported at Chennai port, 31,800 MT were from the Europe, 20,800 MT from Africa, 12,700 MT from Asia and 33,400 MT were from other countries.
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