Appreciating rupee prompted many Indian scrap importers to book cargoes in international market.Sources tell SteelMint that steel mills based in west coast have booked shredded ferrous scrap from Europe at around $406/t,CFR Mumbai (in containers). Where as HMS is being offered at around $ 390/t CFR Mumbai
(in containers).
Indian rupee gained almost 4% against USD in last few weeks on reform policies announced by government.
“We see more deals to happen in imported scrap market as domestic steel prices have almost bottomed out in India and buyers are seeking for scrap, specially after Indian government set norms of standardization (which is difficult to maintain using sponge iron DRI).” said an industry participant based in Mumbai.
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