Offers for HMS scrap
to Indian importers remained unchanged for the day. Importers are reluctant to
purchase the material over the appreciating dollar against rupee. They are
likely to hold their purchases in anticipation of depreciation of dollar
value.
“Indian importers are
still absent from the market. However, inquiries for the product have improved
slightly this week, but with no closed deals. Offers to other import countries
like Turkey also moved up on improved buying. All they (Importers) can do is to
just wait and watch”, said a market participant based in Mumbai.
According to an
importer based in Kandla, “this increasing dollar will not support us to buy
any cargo of ferrous scrap. Tight supply of the material will continue to make
it expensive in the market. Prices are unlikely to correct soon in both
domestic and international market.”
Leave a Reply