With stable steel prices,strong currency and low scrap prices in global market will make imports of scrap feasible to India, say industry experts.More and more Indian importers are taking position in global scrap market looking at better demand and further strength in currency.
“Rupee hits a fresh five month high of 52.16 against US dollar and expected to touch 50 levels in coming months on increasing foreign direct investments.Scrap prices in international market are down by almost $20-30/t from last month.Indian domestic scrap and sponge iron (DRI) have not changed much in last one month.
We are sure many deals will take place in October and imports are certainly going to rise.Current offers of shredded scrap hovers around $395-400/t CFR Mumbai and HMS 1&2 being offered at $380/t CFR Mumbai.” said Mr Agarwal, a large importer based in Mumbai.
Also Indian steel prices stay high during October -December amid festive seasons, he further added.
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