Indian Domestic Scrap price according to the Steelmint Analysis, has moved down W-o-W. Domestic scrap prices in Mumbai have come down by INR 1,000/MT in last one week. Prices are assessed at INR 21600/MT which were at 22600/MT last week. On the other hand imported scrap prices from Dubai is at around USD 310 CFR Nhava Sheva which comes out to be INR 21,850/MT landed to plant.
Similar situation are noticed in other parts of the country where scrap is used as a major source of raw material in steel making process. Imports of scrap in India has also seen a hike in the month of march due to lowered prices and appreciation of INR against USD.
The prices for ferrous scrap globally are volatile. Prices of scrap in India are expected to fall as the production for sponge iron has increased and also increased imports.
According to the sources, “There have been booking of 4-5 Bulk vessels in India which is expected to reach by may end or first week of June 2017. Which will increase the availability of scrap and put the prices in India under pressure.”
India is the third largest producer of crude steel in the world producing around 95 MnT. Out of which 20-25% of steel is made through scrap and India is also the second largest importer of scrap after Turkey. Country imports around 5.5 MnT per annum
Landed cost CFR India USD to INR
| Particulars | Currency | Prices |
| Scrap purchased in USD/MT, CFR India basis | USD |
300.00 |
| Damages/Ground loss @ 1 % | USD |
3.00 |
| Basic custom Duty @2.5% | USD |
7.58 |
| Price CFR India Port after Duty | USD |
310.58 |
| Price INR | INR |
20053.83 |
| Add: Port Clearance Exp | INR |
1000.00 |
| Local Freight | INR |
800.00 |
| Delivered to MUMBAI PLANT | INR |
21853.83 |
| Delivered to MUMBAI PLANT | USD |
338.4 |
1 USD = 64.57 INR
Source : Steelmint
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