Indian importers participated actively in international market and managed to close more deals of shredded scrap at around $405-407/t CFR Mumbai (in containers).
“Number of queries have increased from Indian steel mills certainly on strong rupee (which gained 4% in last few weeks).Also sponge iron (DRI) and domestic scrap prices have not changed much. It makes sense to import when prices are down in global market and Indian currency is strong. We can see more transactions in coming weeks if rupee manages to appreciate.” said Mr Pincha, an importer based in Mumbai.
On the same line steel mills in Punjab and Chattisgarh have increased in their scrap purchases from international market.
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