Prices of imported scrap may have bottomed out. HMS 80:20, imported from Europe, in April, are hovering at INR 35,500/t ($426/t) CFR Nhava Sheva. M-o-m, these have dipped 5%. In contrast, domestic HMS 80:20 upped to around INR 35,000/t ($420/t) so far in the current month. M-o-m, domestic prices have increased 6%. With the increase in domestic scrap prices, the gap with imported has increasingly bridged. In April it narrowed to INR 600/t ($7/t) from INR 900/t ($11/t) in March and INR 1,960/t ($24/t) in February.
