Indian scrap importers are waiting for governments policy on steel import. Besides, offers for shredded scrap remained firm at USD 205-210/MT, CFR India.
Anticipation of duty change for steel imports has kept Indian buyers cautious. Resistance in buying was seen in scrap buyers. Despite low inquiries, global offers for scrap have remained unchanged.
Fresh offers for shredded ISRI 211 of US origin are heard at not less than USD 205/MT and European shredded at USD 210/MT, CFR India. While, offers for HMS 80:20 are assessed at USD 185-195/MT, CFR India.
Similarly, offers for HMS 80:20 and HMS 1&2 (22-23 tonnes loading) from Australia and UAE (Middle East) have also remained stable at USD 192-195/MT. While HMS (25 tonnes loading) from South Africa and UAE is heard at around USD 205/MT.
Positive response in European and USA local market along with limited generation and collection of scrap during winters has kept suppliers stick to higher offers.
On contrary, continuous depreciation of INR against USD is stopping Indian buyers to further take any buying position. Indian Rupee presently has touched 67 per USD.
Export from South Africa may reduce
As per market participants, South African government has come up with some strict export policies to keep a check on large scrap export from the country. The main motive of government to impose law is to safeguard the interest of domestic steelmakers and reduce vandalism in the country.
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