Indian imported scrap market which had been very lull in the last few weeks over depreciated Rupee and falling steel prices in domestic market, have seen some life this week. With offers moving up from Dubai by almost $10-15 US dollar, it looks that scrap prices are heading for a stabilization.
Indian importer's highlight SteelMint that offers from the middle east have gone up on supply and improved demand from Indian buyers. Current offers for HMS 1&2 are in the range of $340-350/t CFR Mumbai which was offered at $330-335/t CFR last week.
“Offers from Dubai have gone up to $340-350/t CFR, However, buying interest still hovers at $335-337/t CFR. However, it is accepted in coming days this week,” stated a scrap importer based in Mumbai.
On the other hand scrap importers based in Kandla and Chennai highlighted that offers from Europe are at around $370/t CFR India (Shredded Scrap) and around $350-355/t CFR India for HMS 80:20.
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