Ferrous scrap offers
to Indian importers hike on improved demand as expected. On the back of strengthening
Rupee, enquiries for ferrous scrap imports have significantly rise this week
and offers for shredded material have gone up by $10/MT CFR.
In a recent deal, a
small tonnage of around 500 MT of shredded scrap was sold at $408/MT CFR Nhava
Sheva Mumbai from UK. Another UK based supplier is offering the same grade at
$405/MT CFR Mumbai (shipments to be delivered in October)
As Rupee continues to appreciate
in the currency market, offers for ferrous scrap to India likely to grow
further. But falling demand in the global market might help importers to make
it range bound between $400-405/MT CFR.
Another importer is asking
shredded scrap at $395/MT CFR but denied to receive the consent of supplier.
Prices for HMS (80:20) remain at $380-385/MT CFR Mumbai.
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