Indian mill scale exporters have resumed their purchases owing to weak Indian currency and stable Chinese prices.
Indian mill scale exporters seem to have become active this week owing to weak Rupee and stable prices in Chinese market. Market participants confirmed that exporters have resumed mill scale purchases from domestic market.
Current prices for Fe 70% mill scale are assessed at INR 2,100/MT, delivered to Kandla port. Some exporters have also heard to bid at INR 2,200/MT for the same grade.
Mill scale export from India has fallen drastically owing to declining iron ore prices in Chinese market. Currently, Fe 62% fines prices are hovering in the range of USD 54-55/MT, CFR China and mill scale offers are around USD 57-58/MT, CFR China. Freight from Indian West Coast should be below USD 15/MT for bulk vessel.
“Exporters like Royal Lines, Space Exim and KK Resources are active in the market. Most of the purchases are made at INR 2,100-2,200/MT, delivered to Kandla Port”, said a mill scale dealer based in Gujarat.
In domestic market, mill scale prices are in the range of INR 2,600-2,800/MT, ex- Raipur for Fe 68/70%.
Note: All prices are basic, excluding Excise and VAT
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