Imported scrap offers to Indian market have been stable over last week. Although trading activities remained low, primarily due to hike in power prices and depreciating Indian Rupee against US dollar (1USD= Rs 54.5).
Indian importers report to buy some cargo from Dubai at around $405/t CFR Mumbai levels.
“There are offers from Dubai at around $405-407/t CFR for HMS 80:20. Steel mills are comfortable buying from Dubai as lead time is comparatively lower than scrap coming from Africa, EU and US.
HMS-1 Offers from South Africa are in range of $410-411/t CFR Mumbai and shredded scrap offers from Europe are in range of $415-417/t CFR Mumbai.” said a scrap agent based in Mumbai.
In similar lines steel mills also confirmed of buying HMS scrap from Dubai at around $405/t CFR Mumbai.
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