Indian scrap
importers are unwilling to take fresh positions in imported scrap market on
falling steel prices and weakening rupee.
“It
is comparatively cheaper to source domestic scrap rather than
imported scrap, imported scrap costs us 33,000/MT, while domestic is costing us
31,200/MT (Including all charges)” said an ingot manufacturer based at Mandi Gobindgarh.
“We are
more dependent on domestic supply of scrap and sponge iron from
Karnataka (which has a recovery of 78%), as no one is keen to buy imported
scarp due to much higher cost”, said an induction furnace owner based in Wada, Mumbai.
“Domestic scrap is costing us 25500 (Basic),
pellet sponge will cost us 21700-22000 (Basic), where as imported will cost us
around 27000 (basic)”, he added further.
According to an
scrap importer based in Mumbai, “There are hardly any queries from buyers
and International scrap prices are hovering around 475-480 CNF Mumbai for HMS.”
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