Buying activities in the Indian imported ferrous scrap market are likely to improve, say importers. Global slowdown in the demand and stable Rupee might prompt Indian importers to make bulk purchases in the days to come.
A cargo of 2000 tones of Shredded scrap was sold at US$ 465/MT CFR Kandla by a UK based supplier. While another cargo of 1,200 tones of HMS 1&2 (80:20) was sold at US$ 445/MT CFR Kandla by a Malaysian supplier.
“Sentiments in the ferrous scrap market are improving as buyers have started enquiring for bulk orders. Rupee is also stable in the Forex market which might help demand to stay firm in the days to come. Offer prices from exporters have already bottomed out due to weak demand globally in past few days. So, prices may move up once buying improves”, said an importer based in Kandla.
“Poor off take from countries such as China & Turkey in the last week had improved the in-flow of offers for India buyers. But, now as Turkish buyers will resume bulk buying along with Chinese traders post holidays, prices are likely to move up”, said an Importer based in Mumbai.
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