Indian scrap importers hold purchases on falling rupee

European countries have raised their offers for ferrous
scrap ahead of Christmas. Shredded scrap was heard being quoted at US$
450-455/MT CFR Mumbai i.e. up by US$ 10-15/MT from a week ago.

But falling rupee has made Indian importers hold their
purchases as it has made imports expensive further by 2-3%.

“Depreciating rupee will impact imported scrap market
as buyers are not willing to pay higher on weak demand.

Certainly buyers will look to source material from the
domestic market where the supply itself is scarce. So, prices in the domestic
market will also remain firm”, said a scrap importer based in Mumbai.