- India Rupee touches all time low of 66+ per USD
- The imported scrap market is dull as compare to Domestic scrap market.
- Domestic scrap prices move up sharply.
The imported scrap market in India has remained quiet over a past month. According to trade sources, only few deals has been concluded in this month. Recently the deal closed approx quantity 240 MT of scrap HMS 1&2 ,the origin of the material is Dubai are at USD 325-330/MT CFR Mumbai. Similarly, the offers come from South Africa HMS 1&2 USD 315/MT on HSS Basis.
Industry sources tell Steelmint that, some interest is seen from Indian buyers as domestic steel prices have noticed a sharp rise in last few days.
Still weak Indian rupee limits scrap imports from Middle East in small quantities. Sources say that imports from US and Europe are still not viable at the moment.
Recently, scrap prices from US to Taiwan has increased by USD 8/MT. This week the price quoted for US containerised HMS 1&2 (80:20) is at USD 370/MT CFR Taiwan. The traders said that the offers are unfavorable to work, past two – three week's offers surged at USD 16-18/MT from US scrap to Taiwan.
Rupee against Dollar has remained weak reaching at level of 66+ per USD as a result importers are adopted to wait and watch strategy.
On the other side, the domestic scrap market getting momentum to Rs 500 – 1,200/MT this week as well as Bhavnagar ship breaking scrap due to low buying of imported scrap by the domestic buyers
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