Falling Indian Rupee against USD is hurting Indian scrap importers said market participants. “Rupee which fell around 2-3 percent in last one month and hovering around 54 levels against USD has made imported scrap at par with domestic scrap. Currently landed cost of shredded scrap is around Rs 24,500 per tonne (basic, landed plant at Raipur), where as domestic scrap of same quality is available at around Rs 24,900-25,000 per tonne (basic, landed plant at Raipur).” said an importer based in Raipur Chattisgarh.
Rising scrap prices in international market makes imported scrap a non attractive proposition to Indian steel mills. Current offers for shredded scrap stands at around $405-410/t CFR Mumbai (up by $10-15 from last month), he further added.
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