US
ferrous scrap offers inched down for Indian importers due to weak domestic
market in finished products. Prices have dropped by up to $12/MT CFR from last
month from US exporters.
Indian
importers have returned to the market with small tonnage inquiries on the back
of appreciating Rupee against Dollar in currency market and reduced offers.
Trades
halted during the past 3-4 weeks between US and Indian traders due to price disparity.
Offer prices were high at $420-430/MT CFR Nhava Sheva Mumbai during the after
mid of November. Currently, US exporters are offering shredded grade at $412-418/MT
CFR Nhava Sheva Mumbai, down by $8- 12/MT CFR.
However,
Indian importers are looking cheaper alternatives like Europe and Middle East.
They are receiving a much lesser offers from such suppliers at $380-385/MT CFR
Nhava Sheva Mumbai for HMS grades.
“Very
few sales are happening in the market as we are not sure about the future
outlook. Demand right from the North to South gone down and we are still
looking for cheaper alternatives to take positions”, said a major importer
based in Mumbai.
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