Scrap importers based in India prefer to stay away from imports on weakening Rupee against US Dollar, which has hit a low of 1-year to 57 levels against USD. Market participants highlight that currently trading activities are quite low and they expect imported offers to come down soon.
“We are not very keen on purchasing imported scrap on factors like falling Rupee and cheaper scrap available in domestic market. Current offers in domestic market are around Rs 22,400-22,500/t (Basic , Ex Yard Mumbai) and imported scrap will cost us Rs 22,800-23,000/t delivered to plant. We feel there is further scope of correction in imported offers, which is hovering in the range of $365-385/t CFR Mumbai.” said an importer based in Mumbai.
Imported scrap prices have fallen over $30 dollars in last few weeks, primarily due to falling scrap prices in Turkey, which is the largest importer of the scrap.
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