Imported scrap offers to India stay at almost similar levels from last week. Market sources report SteelMint that HMS-1 offers from West Africa stay at around $370-380/t CFR Mumbai, where as offers from Dubai stand at around $400/t CFR Mumbai and European exporters offer Shredded scrap at around $420/t CFR Mumbai in containers.
“There are not many buyers for imported scrap in Indian market on falling steel prices and rising power prices.Also steel mills are preferring local scrap and sponge iron, which is quite cheap and available in good quantity.Weak rupee also makes imports expensive.” said a scrap importer based in Mumbai ,India.
Weak Indian rupee against US dollar also makes import expensive, he further added.
Leave a Reply