The
Indian demand for US East Coast (USEC) scrap continues to decline in December. Sluggish market activities of finished steel product in India has hit hardly the overall steel
market. The strength in US dollar against the Rupee has also put pressure on
the buyers.
Offers
out of the USEC for containerized shredded scrap are reported at $418/MT CFR
Nhava Sheva while P&S scrap being offered at $420/MT and HMS 1&2 (80:20
blend) in the range of $400-405/MT CFR Nhava Sheva Mumbai.
According
to an exporter based in US, “Most mills in India are looking for lower prices for
HMS grades but we are unwilling to go below $400/MT CFR. India’s market has
been sliding this whole month. Pig iron prices (in India) have also been coming
down so foundry buying prices are off.”
Further,
last week, Rupee was around 54.46/USD which not looked promising to
potential Indian buyers of US scrap.
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