- Imported Scrap offers to India at USD 340-345/MT CIF
- Indian Scrap imports may touch 5.5-6 million tonnes in FY 15
- Indian Rupee likely to trade between 61-62 against US Dollar
Containerized HMS 1&2 Scrap offers to Indian market is assessed at USD 340-345/MT CIF Nava Sheva. Offers have dropped about USD 3-5/MT from Middle East and unchanged from Europe and Africa.
Indian buying sentiments remain week amid festive season and subdued steel demand for finished steel.
A Middle East based exporter has confirmed to sold 250-300 MT of HMS 1&2 at USD 346/MT CIF Nava Sheva.
Another exporter is offering same grade at USD 345/MT CIF Nava Sheva from Middle East.
Induction furnaces based in western region of India, mention that they have offers for HMS 1&2 from Europe at about USD 340-345/MT and Shredded Scrap at around USD 365/MT CIF Nava Sheva, based on quantity and delivery.
Falling scrap prices in global market and strong US dollar against Euro have made scrap exporters to cut their offers. Prices have dropped about USD 20-30 in last few weeks.
Scrap traders highlight that lower offers for Billet from Chinese exporters have kept the buying sentiment down.
In similar lines an indentor based in Chennai mentioned that he has sold some cargo from Africa (HMS 1&2) at about USD 335-340/MT CIF Chennai.
India is the third largest Scrap importer after Turkey and South Korea. India imported 4.5 million tonnes in FY 14 against 7 MnT in FY 13.
With short fall of Iron ore in domestic market, India is expected to import 5.5-6 MnT scrap this financial year. Indian buyers have already imported 2.6 million tonnes during April- September 2014.
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