Falling scrap prices in global market and strong Indian rupee, many Indian scrap importers believe it is the right time to make purchases.
There were few deals concluded at $ 378/t CFR Mumbai for HMS-1, where as shredded scrap of Europe origin is being offered at $395-400/t CFR Mumbai.
On the eastern coast of India HMS-1 offers stand at $385/t CFR Vizag, where as Shredded scrap of Europe origin stands at around $405-410/t CFR.
“After compulsory e-billing in Punjab (state in India), steel manufacturers are bound to import scrap as domestic scrap has limitations. Currently our 60% production depends on imported scrap.” said a furnace owner based in Punjab.
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