Steel Mint Indian Scrap Index remains unchanged
from last Monday of previous week, on weak demand and reached to 87.51 points
on Monday, 18-Feb, 2013.
Domestic scrap prices are stable across India with buying
interest remains lull among the traders.
Sources told that HMS (80:20) scrap prices, from Mumbai remained
at Rs.22800/MT (Basic), from Chennai at around Rs.23500-600/MT (Basic) and from Kolkata at around Rs 27100-200/MT
(including all).
Since Rupee has again breached 54 levels, Indian
importers are hesitant to place orders. Also
domestic scrap and sponge iron prices are stable and cheaper than imported
scrap.
In case of imports, offers for scrap of HMS I&II
(80:20) grade to India are stable both in West coast and Southern part of the
country. Offers for Nava Sheva at Mumbai from US/Dubai/Kuwait region are around
$400-405/MT CFR Mumbai. Whereas, HMS I&II (80:20) import offers from
African region are around $390-395/MT CFR both for Chennai and Mumbai.
Import Offers for Shredded scrap from US region to Nhava
Sheva, Mumbai are corrected by $5/MT. Currently offers are arriving in between $415-420/MT
CFR Mumbai but buyers are putting their query in between $412-417/MT CFR
Mumbai. Market participants believed that prices might further correct to some
extent in the coming days time.
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