India: Mill Scale Prices in Domestic Market moves up

• Mill Scale prices in Indian market moves up by Rs 100-200 (USD 1.5-3) per tonne
• Indian Rupee at an all time low of Rs 65 per USD

Mill Scale prices in Indian market have gone up by Rs 100-200 per tonne in line with falling Rupee and strong spot iron ore prices in Chinese market. Current, prices for Fe 70/68 grade mill scale is at around Rs 5,600-5,800 per tonne (USD 86-89/MT) delivered Vizag port. Unlike Iron ore, it does not attract any export duty.

Falling Rupee against US dollar has helped Indian exporters to realize better value in global market. Currently, offers stand at around USD 125-126 per tonne CFR China in bulk.