India’s imported scrap market is dull over a past week. The domestic scrap importers are not willing to take positions because of the increase in imported scrap prices as well as tumbling Rupee against the Dollar.
The offers coming from Dubai HMS 1&2 are in the range of USD 340-345/MT CFR Mumbai. Similarly, offers from UK and Europe for HMS 1&2 are being quoted at USD 350-355/MT CFR Mumbai. Shredded scrap is offered at USD 370-380/MT CFR Mumbai.
However, Induction Furnaces based in the Western coast of Indian have been reported of buying DRI from Middle East in good quantity. Last deal was heard to be made at around USD 285/MT CFR Mumbai for 80-81 FeM grade cargo.
During the first week of August ‘13, there is a very slow momentum in the Turkish scrap market. A number of companies had already booked scrap in late July and no new booking had been done further.
US HMS 1&2 is still available at USD 378-380/MT CFR Turkey and Shredded scrap at USD 385-388/MT CFR Turkey.
European HMS 1&2 is available at USD 346/MT FoB Rotterdam port and Shredded scrap at USD 356/MT FoB Rotterdam port.
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