Container scrap shipments to India halt
Jun 21, 2013 | 05:26 PM
| Sean Davidson
NEW YORK The weakening of the Indian rupee against the dollar brought containerized ferrous scrap exports to India to a complete standstill this past week.
Poor demand from Indian mills, the recent introduction of an import duty and elevated currency exchange rates had culled exports to India by nearly 75 percent a week ago, according to some sources.
Since then, the rupee deteriorated from R55 to the dollar to almost R60, completely halting container exports to India from the United States, the United Kingdom and continental Europe.
The last reported sales of containerized shredded scrap were concluded about seven to 10 days ago in a range of $368 to $370 per tonne c.f.r. Nhava Sheva, with heavy melt about $20 lower.....
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